Novruz Y. is 23-year-old farmer who breeds cattle in the small southern city called Bilasuvar. Novruz is a hard-working man who was taught farming by his father. He knew many people who purchased cattle, and this motivated him to start his own business about two years ago. Over time, he has increased his cattle sales and is proud to say that the business has been running well. However, he now needs additional capital to expand his business. Therefore, Novruz is requesting a loan in the amount of 1200 USD to purchase four cattle for an estimated cost 300 USD each. He and his family thank you very much for the support that you offer them in helping to expand his business and helping them give their children a better quality of life.
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.