Bayarmaa has been working at a retail store that sells auto oil and related materials, since 2004. She has been managing the store since then and has mastered the business. She is planning to buy that auto oil store and run it by herself, as owner. She has already talked with her boss and agreed to buy that store, and she needs a loan of 3,580,000 MNT. She will use the loan capital to invest in her auto oil store purchase, and to buy inventory to run the business normally. She is a helpful, welcoming and hard-working person.
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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