He has graduated college and is working as a driver in a transportation company. Now he is starting his own business at home of wooden furniture manufacturing, since he has been helping his cousins and uncles to run their business from the time he was little and has gained a lot of experience in wooden furniture manufacturing.
He is now requesting 2,000,000 Tugriks (MNT) to purchase starting inventory for his new wooden furniture manufacturing business. He is a hardworking and diligent 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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