Nyamgalya runs his inter-city transportation service from Uvs to Ulaanbaatar, the capital city of Mongolia. He transports organic salt (made from Uvs lake in Uvs province) to Ulaanbatar, where he offers it for sale. He then brings a variety of goods for other local customers back to Uvs province. He is known as a hard-working, modest, and courteous person.
Since both his daughters attend university, Nyamgalya needs to increase the family income so that he can cover their educational expenses. He is therefore requesting a loan in the amount of 4,000,000 MNT, which he will use to purchase a large amount of organic salt produced from Uvs lake, which he will transport to the capital city to offer for sale.
More information about this loan
This loan is part of XacBank's green loan program, giving Mongolian farmers the support they need to grow and process organic fruits and vegetables despite harsh conditions and short growing seasons. These loans are used to obtain critical resources, like greenhouse space to shield crops from the cold, and training for traditionally nomadic entrepreneurs who lack agricultural experience. XacBank's green loan program also helps clients to improve their heating and ventilation systems, reducing pollution and health problems caused by burning fuel.
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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