Davaadorj started a shoe repair business in 1998. He is experienced in this business. He has his own workplace for shoe repair. But the shoe repair business cannot make enough money to cover all the expenses for his family.
Davaadorj decided to operate a transportation business and needed a suitable truck to provide transportation. He is a hardworking, optimistic, and diligent man. He is requesting a loan of 3,000,000 MNT to purchase a suitable vehicle to provide transportation service. He says "I want to maximize my profit to save for my children's future education".
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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