To earn a living, Mrs. Lhaahuu has been producing organic dairy products, which she sells to local customers. She is now planning to start her own retail clothing business at a rental counter in the local market with her daughter. She explains that her daughter has lot of experience in the area. Mrs. Lhaahuu is requesting a loan in the amount of 3,000,000 MNT to purchase some inventory for her new retail clothing business. She notes that she is hardworking and diligent 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