Since 1998, Tsegmed has been operating a livestock and animal product business, so he is well-experienced in this sector. He has his own garage for raw materials and livestock.
Tsegmed's wife was working in a local organization, but she quit her job and started her own retail clothes business in the central market of Uvurhangai province. Her monthly rent is 150,000 MNT. Tsegmed needs 2,500,000 MNT to purchase inventory for his wife's new business. He is a hard working and honest man who wants to make a better life for his wife and family.
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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