Update on ShirinShirin is one of Relief International Microfinance Iraq programs' successful clients who have been featured on Kiva before. With the support of Kiva lenders, she is making small but significant improvements to her sewing and tailoring business.
Shirin continues doing great work from her home-based sewing business. Using her previous loan, which she has successfully repaid, she was able to purchase a new sewing machine with an old stand and a chair. While in the past, she was working on a small machine mounted on a small wooden stool that she had to sit next to on the floor and bend over while working, she is now able to work in a more comfortable position. She is now able to work more hours and satisfy more customers with her services.
To make further improvements to her small business, she is now taking a new loan of 2,400 USD. She would like to make her work area a better and nicer place for her work. As an example, she imagines some nice small furniture items to better store her work materials and orders, which currently line the floor in small bags. She would also like to buy some nice good quality fabrics and raw materials to work with, making it easier for her to create quality products for her customers, and help support her family.
Based on the political and social challenges of lending in Iraq, personally identifiable information about this borrower has been altered for their protection. RI-Iraq appreciates Kiva lenders' consideration of these challenges and encourages lenders to continue their support for Iraqi borrowers.
Previous Loan DetailsShirin is 38 years old. She is a married Iraqi woman and a mother of two children. With limited career options due to cultural restrictions and domestic constraints, Shirin is one of many woman who are working from home, using her sewing skills to generate some income and participate in meeting… More from Shirin's previous loan »
About Relief International IraqRelief International (RI) is a non-profit non-sectarian organization with a multifaceted approach to working in post-conflict, vulnerable and transitional countries. As part of its core mission to bridge emergency relief with long-term development though sustainable, enterprise-oriented solutions, RI directs a broad microfinance portfolio in the Middle East and South Asia. In Iraq, RI microfinance has been providing access to capital for micro, small and medium enterprises since 2006. When lending through RI, there are several points to consider:
1. RI-Iraq offers loans that are customized for borrowers in Iraq, a predominantly Muslim country. A key principle of Islam is the prohibition of charging interest on a loan. This prohibition is based on the belief that money is only a medium of exchange and has no value in itself. In order to offer loans in a manner consistent with borrowers' values, RI-Iraq charges 0% interest on this loan. However, RI-Iraq does charge a servicing fee to cover its costs. The loan amount you see listed on Kiva includes both the principal loan and the loan servicing fees. As with all Kiva loans, you should expect to have your funds returned to you according to this loan’s repayment schedule. For more information on lending in the Muslim world, please click here.
2. Because of on-going security concerns, due diligence on RI-Iraq was conducted remotely, rather than in-person as is typical with most Kiva Field Partners. RI-Iraq does, however, meet all of the other minimum criteria required by Kiva's full due diligence.
3. One of the challenges of lending to entrepreneurs in Iraq is the increased chance of difficulty transferring funds between the United States, where Kiva is based, and Iraq. While Kiva has been able to send and receive funds to and from Iraq in the past, there is a chance that we may encounter problems doing so in the future. This could result in difficulty repaying loan funds to lenders, even if individual borrowers have paid back their loans. As a lender to borrowers in Iraq, you would be taking on this additional risk.
Concurrent and Successive Loans
Our Field Partners often work with borrowers over a series of loans as the borrowers build credit, take out bigger loans, and expand their businesses. In order to make it easier for our Field Partners to post loans for borrowers who have been listed on Kiva before, we allow them to post successive and concurrent loans for their Kiva borrowers. This means that our Field Partners are able to post a borrower's second, third, etc., loan on Kiva without having to re-enter all of the borrower's information.
This borrower has been listed on Kiva before, so you'll see an updated loan description, as well as excerpts of the original descriptions from earlier loans. Most borrowers take out loans consecutively, meaning that they receive a second loan after having repaid the first. However, sometimes our Field Partners give out concurrent loans, allowing borrowers to take out one primary loan and a secondary "add-on" loan along with it. These "add-on" loans are typically smaller than the borrower's primary loan and serve a different purpose. Because Field Partners can now post loans as successive and concurrent loans, you will be able to track borrower progress over time and see the various ways a borrower is working with our Field Partners through funds from Kiva’s lenders.
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Success!! The loan was 100% repaid