She is planning to operate a cafe business with help from her mother and she needs some financing for the business which will help to keep the food safe. Also, she needs a solar panel, table and chairs for her cafe. Uugantsetseg is an active and diligent woman who says that "In the future I would like to develop my business activities and save my money for my children".
The total amount she is requesting is 1,500,000 MNT to buy the necessary equipment to open her new ger cafe business.
More information about this loan
This loan is part of XacBank's startup loan program targeting loans to clients who are classified as very poor on the Progress out of Poverty Index (PPI). This program provides special training to startup loan recipients, and offers them an annual interest rate that is 2.4% to 3.6% lower than for standard loans. By funding this loan, you are supporting a program that helps borrowers get their businesses off the ground.
About XacBankThis loan is being administered through XacBank, a Mongolian for-profit microfinance institution. XacBank is located in every province of Mongolia, reaching some of the most rural micro business clients. With this Kiva loan, there is an opportunity for the entrepreneur to get a savings account including 9% of the interest if they pay back the loan on time. This is a special savings account that XacBank has specifically prepared for the Kiva loan borrowers to promote savings habits.
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