Mrs. Tserenbadam has been producing handmade accessories at home during her free time. She sells them to her friends and relatives. She has been doing this since 2010.
She is now planning to open her own business producing handmade accessories and selling them at a rental counter in the local market.
Mrs. Tserenbadam is a diligent and hardworking woman who is requesting a 1,500,000 MNT loan to purchase raw materials and to pay for the expense of a rental counter for her 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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