Ganzorig is an enthusiastic, talkative, and hard-working man who has been running his transportation services business for years. He has been placing some of his profits into savings for some time with the goal of purchasing a second-vehicle so that he can start to offer taxi services. He needs this additional business income as soon as possible in order to cover the recent increase in family expenses, since they have a newborn baby and his wife is not working.
In order to allow him to purchase the taxi vehicle as soon as possible, Ganzorig is requesting a loan in the amount of 3,500,000 MNT. He will use his loan funds to purchase the vehicle and to start providing taxi 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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Success!! The loan was 100% repaid