Mohammad is 23 years old from Ramallah. He works in a car wash for nine years. Now he plans to open his own car washing business.
He asked Ryada for a start-up loan in order to buy the tools, vacuum cleaner, and a hood for his car wash place. Mohammad hopes that this loan will help him improve his financial situation and increase his income so he can live a better life.
Ryada's startup loan program is exclusively for borrowers who are new enterprises and not for existing projects. To qualify, a borrower must show a clear business plan and realistic potential for success. The borrower must also invest their own money and resources into at least 50 percent of the startup enterprise.
Ryada believes strongly in the potential of these borrowers and grants them a three month grace period to help them get their business off the ground.
About Vitas Palestine
Palestinians face unique challenges due to the economic and political environment in the West Bank and Gaza. Click here to learn more about how Kiva and Vitas Palestine are working to help Palestinian borrowers overcome these obstacles and how your support can make a difference.