In 2011, Oyun graduated from a training center where she learned to produce camel wool hats and shirts. People purchase camel wool hats and shirts in the winter because they are good at conserving warmth, so Oyun started a camel wool hat and shirt production business in 2012. Now, she is making about 4 shirts a day and her two sons distribute the product to the market trader. Oyun is a hardworking and honest person. She needs 1,000,000 MNT to buy strings (wool yarn/thread) for her 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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