Gongorsuren has graduated from a Mercy Corps. training program and has started a Buryat shoe-making business. He would like to operate a sustainable business and would like to have regular customers, but he doesn't have a sewing machine and manually makes his Buryat shoes, so he has very low productivity. He wants to buy a sewing machine to increase his productivity and business income. He is a diligent and humble man. He said, "I am planning to pay my son's college tuition by increasing my business income because my elder son will go to college this year." He is requesting 2,000,000 MNT to buy a sewing machine.
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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