Tsend is a 54-year-old woman who lives with her husband and daughter in their house in Songinohairhan district of Ulaanbaatar, Mongolia. Her husband Hohoo, aged 57, has been sick for the last year, stays home and requires constant care. Her daughter Ariunaa, aged 24, graduated university and helps her mother to run her business selling construction supplies in the local construction supplies market. Tsend has been running the business selling construction supplies for the last 3 years. Unfortunately her husband got sick and she needed to take care of him and pay for hospital expenses etc. She stopped her business due to her husband's health issue. Her husband is getting better now and her daughter can take care of her father so she is planning to re-operate her business of selling construction supplies again. She needs an additional investment of 3,000,000 MNT to purchase inventory in order to restart her business. She is a diligent, honest and hardworking 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.
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.