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Sugmed
Mrs.Sugmed is 24 years old and lives with her 5-year-old daughter and husband in a little house in the Gobi-Altai province of Mongolia. Her husband works at a private mining company as an economist. She is planning to start her own clothing retail business at a rented counter at the local market. She has worked as a salesperson at that market for years and obtained business experience from that.

She is a hardworking and diligent woman who says, "I will run my business successfully and expand my business further." She is requesting a 2,000,000 MNT loan to import a variety of clothing from China and sell them at the local market as her newly starting business. She also mentioned that winter is coming and seasonal clothes sales increases during this time of the year.

Additional Information

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 XacBank

This 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.

About Mongolia

  • $5,900
    Average annual income
  • 2
    View loans »
    Mongolia Loans Fundraising
  • $15,364,275
    Funds lent in using Kiva
  • 1,392.5
    Mongolia Tugriks (MNT) = $1 USD
Ended with Loss - Currency Exchange Loss learn more
A loan of $1,450 helped Sugmed to import a variety of clothes from China and sell them at the local market as her newly starting business.
91% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Oct 22, 2012
Listed
Nov 8, 2012
Currency Exchange Loss:
Possible
Ended:
Oct 17, 2014