Enhjargal stopped her grocery store business temporarily due to the lack of working capital and investment. She has about 20 years of experience in the business but the reason her working capital and investment decreased to the point that she had to temporarily stop her business was that her husband sold their house and land, took all the money and went away.
Enhjargal is now requesting a loan of 3,000,000 MNT to purchase inventory and restart her grocery store business in the local market. She is a hard-working, healthy and responsible woman.
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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Success!! The loan was 100% repaid