Microgrants Assist Growing Economy in Iraq

American Forces Press Service ^ | Staff Sgt. Jason Douglas, USA

[SandRat]

FORWARD OPERATING BASE WARRIOR, Iraq, July 14, 2009 – As security improves in Kirkuk, the business community has the opportunity to grow. But some small businesses still need a helping hand.

Army 1st Lt. Daniel Braud takes a photo of Salar Ghazi Fauzi showcasing the new impact socket wrench he purchased for his automotive repair shop using a U.S.-issued microgrant in Daquq, Iraq, July 7, 2009. U.S. Army photo by Staff Sgt. Jason Douglas  
(Click photo for screen-resolution image);high-resolution image available.

U.S. forces issue microgrants of up to $5,000 to help Iraqi small-business owners build or revitalize their businesses, and they follow up about 30 days later to assess progress.

Army 1st Lt. Daniel Braud, platoon leader for the 1st Cavalry Division’s 4th Squadron, 9th Cavalry Regiment, 2nd Brigade Combat Team, set July 7 out to review several microgrants in the city of Daquq in Kirkuk province.

"After the microgrants are issued, that isn't the last step," Braud said. "We need to verify the funds are being used in the manner that [Iraqi business owners] stated on their applications, and also check on the progress their businesses have made."

Braud’s first stop was to visit Salar Ghazi Fauzi, who owns an automotive repair shop. Fauzi said the funds helped him purchase an air compressor and a generator. The compressor allows him to use an impact
socket wrench that improves efficiency by removing bolts faster, Fauzi said. The generator allows him to stay open longer, he added, because he is less reliant on public electricity.

Gahandai Kyiani Ghiden works as a real estate sales agent in Daquq. He bought fax machines and laptops to list the homes he sells.

"Now that the homes are advertised, there is a better chance to reach potential buyers," Ghiden said.

Ali Abbas Muhsin, displays his wares from wall to wall in his cell phone store. Ali used his grant to add a new floor and ceiling and to purchase laptops used to activate the cell phones he sells. Before he got his grant, he said, his customers had to wait for him to get to a computer to activate their phones.

Microgrants have helped shop owners in Daquq open shops with services ranging from shoe repair to window making.

"Getting the local economy up and running is an important part of stability in this region," Braud said.

While Braud conducted his assessment, several Daquq
residents approached him about applying for their own microgrants.

"Many times, [Iraqis] will see the progress of their fellow citizens and want to take part as well, so we get approached about how they can take part in the program," he said, adding that he’ll accept more applications soon.

(Army Staff Sgt. Jason Douglas serves with the 1st Cavalry Division’s 2nd Brigade Combat Team public affairs office.)

Related Sites:
Multinational Corps Iraq

Army 1st Lt. Daniel Braud checks on a cell phone store in Daquq, Iraq, July 7, 2009, owned by Ali Abbas Muhsin, who used a U.S.-issued microgrant to revitalize his business. U.S. Army photo by Staff Sgt. Jason Douglas    Download screen-resolution    Download high-resolution

[SandRat]

FR WAR NEWS!
If you would like to be added to / removed from FRWN,
please FReepmail Sandrat.

WARNING: FRWN can be an EXTREMELY HIGH-VOLUME PING LIST!!

[MrPiper]

Would someone please tell me how I can get a “micogrant” of $5K dollars from the US taxpayers!!!!!!!!!!!! Oh, I’m a taxpayer, I’m not eligible...........

[STARWISE]

Micro grants/banking ... ring a bell ?

[hoosiermama]

Lets see

A. Parry guy’s company was connected to FORD Foundation,
B. Bo’s mom,
C. Tim Githner....
D. All of the above

Now who are we gonna connect to them?

[STARWISE]

Financial institutions ... Geithner types .. people maybe with connections and some loot ...;)

~~~~~~~~~~~~~~~~~~~~

That promise has had a magnetic effect on private capital sources. Microfinance funding from private investors more than tripled to USD 2 billion in 2006.

The field has attracted sterling banks and fund managers, including Citigroup, blue-chip venture capitalists like Sequoia Capital, tycoons like eBay founder Pierre Omidyar and Oscar-winning screen stars such as Robert Duvall–they’ve all joined the chase for returns in microfinance.

Today, there are upward of 12,000 microfinance institutions issuing loans.

To help investors parse them, Forbes compiled its first-ever list of the Top Microfinance Institutions.

We scoured 2006 data from the Microfinance Information Exchange, as well as analysis from ratings firms Micro-Credit Ratings International Limited and MicroRate, to rank the top 50 microfinance institutions (from a field of 641 reporting microfinance providers) by examining six key variables: gross loan portfolio, operating expense, operating expenses divided by the average number of active borrowers as a percentage of gross national income per capita, the outstanding balance of loans overdue by more than 30 days as a percent of gross loan portfolio, return on assets and return on equity.

Each microfinance institution earned scores in four equally weighted categories–scale, efficiency, portfolio risk and profitability. Rankings were then based on the combined average score of those four categories.

http://www.microcapital.org/news-wire-usa-forbes-names-top-microfinance-institutions/