Erdenebat used to run a retail animal pelt and other materials business in the local market, and he has just finished a course in mobile phone repair. He is now planning to start his own mobile phone business, selling and repairing mobile phones in a rental stall at the local market. He is requesting 3,500,000 MNT to purchase a large amount of phone spare parts and other inventory to sell at his stall. He is a hardworking, diligent and welcoming 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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This loan has been fully funded!