Erdenebat has been providing taxi services in town since 2008, and he has gained a lot of experience and customers. He has sold his car and purchased a second-hand minivan. With a minivan he will be able to provide public transportation services, which will enable him to increase his income. He is now requesting a loan of 2,100,000 MNT. He will use the loan to purchase parts and pay for repair services for his newly-purchased minivan, which needs to be adapted to provide public transportation services.
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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