Latafat is a 53-year-old married woman and has four sons. Her husband works doing repairs, but the main source of income is poultry. Latafat has been raising chickens and hens for 20 years. Her monthly income is 400 AZN.
Poultry is one of the most predominant types of farming. People buy eggs and hens to use them in cooking of different national dishes.
Latafat applied for 600 AZN in order to buy chicken feed and expand her small business. She plans to increase her income and cover the family’s life demands. This is her second loan and she has a positive client history.
Aqroinvest Credit Union was founded in 2001 by a group of 32 farmers from Imishli. It has since grown to become the largest credit union in Azerbaijan, owned by its more than 5,400 borrowers and boasting a portfolio of nearly US$12 million.
AqroInvest is focused on providing loans to the following groups of people: rural farmers, people living in distant southern villages with little or no access to finance and internally displaced people and refugees, many of whom lost their homes and livelihoods during the violent conflicts in the 1990s.
In May 2011, Aqroinvest started a new project with Kiva proving higher education loans to students. The project gives students the support and financing they need to continue their education and helps pay for tuition fees at various universities in Azerbaijan. Aqroinvest is the first credit union in the country to offer students loans.