Access to Credit Services Initiative
Are you interested in developing or expanding your business?
Or do you need to renovate your home and improve it?
Access to Credit Services Initiative in Iraq is your trustworthy partnership for express finance!
Who are we?
ACSI is a non-profit, lending program from CHF-International Iraq that targets individuals who are not able to access bank credit. Business owners and governmental employees may benefit from the loans we provide to improve their homes or businesses, as a step toward improving their living standards. The program has branch offices in the governorates of the center, south and north of Iraq.
Our mission
ACSI’s mission is to contribute to the overall economic revitalization of Iraq by helping male and female business owners and home owners to strengthen and expand their businesses, stabilize their incomes, and improve their habitat and quality of life.
What we do?
We are offering two types of loans:
Business loans may be used for working capital, acquiring fixed assets, or improving business facility; and range from $100 to $25,000. The actual loan amount and conditions depend on the project needs and ability to repay.
Home improvement loans are for physical improvements to the house, ranging from minor improvements, such as painting or retiling, to major improvements such as a room addition. This product is for individuals who are steadily employed or self employed (i.e., own their own business). The home improvement loans range from $100 to $15,000. As with the business loans, the actual loan size and term are based on the home owner’s need/demand, repayment capacity, loan use, and credit history.
Details about loans
The main purpose of our activity is to support the business of the loan applicant. Therefore, the loan amount must be used to finance the project that is funded. It should not be used for any other purpose.
The size of the loan will be determined on the financial statements of the applicant and may also be limited by his/ her guarantor’s income.
Loan term is 10 month on average for business loans and 12 months for home improvement loans.
Loans are repaid monthly by the borrower at the bank specified by ACSI.
Conditions and required qualifications
When applying for a loan, the applicant must meet the following terms and requirements:
Must be at least 18 years of age.
The business must be in operation for at least one year, Applications may be considered for businesses less than one year old if the applicant has extensive experience in the business activity, and if they have an alternate source of income.
The applicant must have a strong commitment and capacity to repay the loan on time.
The applicant must provide guarantors sufficient to cover the repayment of the loan.
In the case of a government employee applying for a loan to improve their house, they must provide proof that they have been in their job for at least one year.
For a home improvement loan the applicant must be the owner of the house and provide official papers of ownership.
Loan charges and fees
The interest and application fee that the borrower will pay are calculated at a flat rate and are paid upfront from the loan.
Required documentation
Photocopy of individual (civilian) ID, National ID card, ration card and residence ID, if available otherwise he/she should provide residence certification.
Salary certification from the employer that is not more than 2 months old if employed by a company or organization.
Photocopy of the lease or title deed to the business space and house, if appropriate. If the business space is rented, the copy of the rental agreement should be signed in blue ink by the landlord. For home improvement loans the home ownership must be verified with title deed documents 23 or 25.
New borrowers start with a loan amount up to US$ 5,000 and a maximum loan term of 12 months
Photocopy of union (such as Chamber of Commerce) registration, if a member.
Taxi and transportation businesses must provide a copy of the car registration.
Guarantees
Co-signers, government employees or the self-employed who should be a member of a union like a Chamber of Commerce.
Collateral: for example, business equipment or real estate.
For more information, please contact us at:
Phone: 07801030751 (Marketing officer from 8:00 am to 5:00 pm)
E-mail:iraqiloans@yahoo.com
Website: chfinternational.org
