Mr. Bat-Erdene and his wife used to run a small grocery store. They closed their store because it became unprofitable when larger stores opened nearby.
Mr. Bat-Erdene is now requesting 3,500,000 MNT to purchase equipment and machinery to start his own wooden furniture manufacturing business. He used to work at a furniture manufacturing company before he started his grocery store. He is a hardworking, diligent, and clever 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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