His son got sick in 2010 and they moved to the capital city for two years to get closer to the hospital. Enhtor stopped the business during those two years and now he wants to open his business back up in Uvurhangai Province and he is asking for a loan of 2,500,000 MNT (Mongolian Tugrik) to purchase inventory and raw materials for his business. He is a hard-working and diligent person, who says, "It has been a tough two years since we moved to Ulaanbaatar city and my son was sick. Now I and my wife will work hard to improve our life."
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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