Erdenebayar learned traditional shoe manufacturing from his sister in 1992, when he was helping her run her business. He and his wife started their shoe manufacturing business in 2002 but stopped it in January 2013 due to a lack of investment and inventory.
He is now requesting a loan of 5,000,000 Mongolian tughrik to restart his shoe manufacturing business. He and his wife are well-experienced and hardworking people.
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!