Baatarjav has been helping his wife run their grocery store for years, and crafts gers (a Mongolian traditional nomadic tent) equipments at home by order from time to time. He is now planning to make it a business to increase the family income. During the summer grocery store sales fall because schools take summer vacations, and people travel to their families in other parts of Mongolia, etc.
He is now requesting 5,000,000MNT to purchase a starting inventory to start his hand-crafting of traditional nomadic tents. He is a hardworking, talented and modest 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!