Talafar Economic Development Center (TEDC)
You want to expand your business or start a new one?
Are you looking for funding?
Visit us to find out about the opportunity to get a microfinance loan!
Who are we?
We are a microfinance institution, officially registered in the Ministry of Civil Society, licensed as non-governmental organization; we work to support and develop small enterprises enhancing living standards of western Mosul population since 2007 by granting them small loans with short terms that ranges between ( 6-12 months ) with simple procedures that do not exceed (10) days from submission date.
Our Goal
Mobilizing energies and taking advantage of the economic capabilities
Supporting small business to serve and develop the two Trade and Agriculture sectors, to refresh and develop the economy of Ninewa provenance.
Encouraging Women’s small businesses and projects though providing them Lending service.
Developing and expanding of the existing projects to create new jobs for the unemployed people.
What we offer?
Islamic loans
Loans for service, productivity, trade, Industrial projects and Agriculture production.
Loans for home improvements
Lending terms:
The main purpose of microfinance is to support and expand the loan applicant’s business; therefore loan amount must be used for the purpose it’s granted for not for any other purposes.
Talafar economic center will offer loans for small business that has clear purpose providing working capital and inventory, for example buying equipments or maintaining them, to provide the raw agriculture material and other agricultural supplies to farmers , manufacturers, marketers, traders, agricultural yield traders and all who owns micro-projects whether if it agriculture, trade or service and individual loans for home improvements .
Present loans to existing project for a period not more than (12) months in order to improve or expand their business, life of the project not less than six months.
Talafar economic center will offer loans for the new project (newly established) only if the borrower owns or manages another project which is related to the new project to ensure generating enough revenue to cover loan repayments of Talafar center.
The size of the loan will be determined on the financial statements of the applicant and may be limited by his/her guarantor’s income capacity.
Loan amount is ranging between 500 – 3000 U.S. dollars.
The average of the loan period is (6 - 12) months
The interest rate is 1% per month
Loan repayments paid on monthly by the borrower, paid to the bank determined by TEDC.
Conditions and required qualifications complete a loan application for the client as a start of decision taking process
Applicant age must range between 18 and 60 years in order to enter into binding contract.
Must have an administrative capacity to manage the project.
The applicant must have a strong commitment and capacity to repay the loan on time.
The applicant must be the owner of the project.
The applicant doesn’t not have a crime or violation of law.
Loan fees:
Loan applicant has to pay the initial opening fee.
Loan service fee is at a rate that is deducted in advance from the loan amount.
Required document
Governmental issued personal identifications for both applicant and guarantor: examples include national identification card (ID), Iraqi citizenship certificate, Iraqi passport, residency card, ration card and personal photos.
Business registration/license certificate.
Guarantees
Loans are distributed with personal guarantees of governmental salaried employees; with a condition that the monthly installment of loan must cover half of the guarantor’s salary.
Visit us to find out about the opportunity to get a microfinance loan!
For more information, please contact us at:
Tel: 07705236512, 07507207500
E-mail: tedc_m2007@yahoo.com
