Nyamaa has been working as a saleswoman in a local grocery store for years and started her own grocery business in a rental stall of a local market. Since their family has two students and they are paying for both tuition and living expenses, the family income barely covers their expenses. She is now requesting 2,500,000 MNT (Mongolian tugriks) to pay her children's tuition fees and invest in her newly started grocery store business. She is a hardworking lady who wants to grow their children to be highly educated.
More information about this loan
This loan is part of XacBank's education program, designed to finance school tuition for students whose families have low incomes or work in informal sectors of the economy. Funds can be used for partial or complete payment of expenses related to secondary and higher education.
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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