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The business woman taking this SME loan is a 39 years old Iraqi woman who has asked to remain anonymous. She lives in north Iraq with her family - her husband and two children. She is employed by the Ministry of Education and is now opening a new, private therapeutic center for children with mental health problems and physical disabilities. She would like to specifically focus on children with autism but with high demand from others she will try to work with as many children as possible.

She employs a unique therapist, a woman who finished her education with a Masters of Physiotherapy in orthopedics in India and although the four room facility is not yet fully finished, there is already a list of children who will be attending the facility for development programs. The facility is located in an easily accessible building in the area of the bazaar that has all the private medical businesses and pharmacies.

Her business activity is registered by the Chamber of Commerce and Industry of her city. She is taking a loan from Relief International Microfinance Iraq to buy more of the required therapeutic equipment and materials for the facility.

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.

Additional Information

More information about this loan

This loan is part of the WLIFT program (Women Leveraging the Internet for Financial Transformation), a partnership between Kiva, microfinance institution Relief International, the Cherie Blair Foundation for Women and the U.S. State Department. The program combines customized technical assistance with loans for women-owned small and medium enterprises in Iraq to help them grow, increase their profitability, and create more stable jobs in their communities.

About Relief International Iraq

Relief 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.

Tags

About Iraq

  • $3,600
    Average annual income
  • 0
    View loans »
    Iraq Loans Fundraising
  • $9,309,650
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $11,300 helped this borrower to purchase equipment for the children's therapeutic center.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jun 19, 2013
Listed
Jun 28, 2013
Currency Exchange Loss:
N/A
Ended:
Jul 17, 2014