Tsengelbayar and his father started a building construction service in 2008. The business is a family business. He said "My building construction service business is seasonal, because we are busy in summer time. But we have free time in winter time. I have no income in winter time." Tsengelbayar's monthly income does not usually meet his family's necessities, so he would like to start his own new taxi business. He is requesting an 1,100,000 MNT loan to purchase a motorcycle to start his new 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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