Mongontuya gave birth to her son Monhbat a year ago, and has just started working following her maternity leave. She and her husband are now starting a cobbler business at home during their off-duty time in order to increase the family income. Since they have a newborn baby, family expenses have gotten raised a bit.
She is now requesting 2,000,000 MNT to purchase leather and other materials to produce shoes to sell to local clients in order to increase the family income.
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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