Nyamaa has been an assistant worker in a small private shoe manufacturing business for years. Since they have a newborn and his wife is not working, Nyamaa is planning to start his own business manufacturing shoes at home with his wife. He is requesting a loan of 2,500,000 MNT to purchase starting inventory for his new cobbler business. Nyamaa is a well-behaved, hardworking and responsible man.
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