Byambatumur and her older son have prior business experience dating back to 2002, when they were in the electronic goods retailing business. Now her son will operate the electronic goods retailing business and she is planning to start a retail clothes business. She turns a car into a make-shift shop to sell clothes in Ulaanbaatar. She would like to expand her business by increasing the variety of goods she sells. Byambatumur needs 3,000,000 MNT to purchase more inventory. She is a hard-working woman who says ''I will spend the profit from the business for my youngest son's tuition.''
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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