Yura has had a business providing taxi services in the city since 2003, and he is an experienced driver. His wife is planning to start a business selling vitamins and other nutrients in order to increase the family's income, since they have a newborn in the family. Yura is asking for a loan of 3,000,000 MNT to let his wife start her vitamin and nutrient sales business at a rented counter of a market. Yura's family is happy and hardworking.
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