Tuvsanaa has been working at a local wooden furniture-making company since 1996. He has built close relationships with his suppliers and fellow workers and now he is planning to start his own furniture-manufacturing business, at home, with his two fellow workers.
Tuvsanaa is now requesting loan of MNT 5,000,000 to purchase inventory and other necessary tools to start his furniture-manufacturing business.
He is a passionate, talented, and hard-working man who says, "I am the happiest person on earth when I am in my woodshop, crafting furniture for my clients."
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