Bayasgalan has been helping her husband with his traditional shoe manufacturing business since 2005 at home. They have been pleasing their clients with their quality and inexpensive shoes for years and have expanded the business and employed 3 people and taught them the whole shoe process. They are hardworking, kind, and helpful people who are now starting to manufacture winter boots and have employed 2 more striving individuals to provide cobbler services in their business and have taught them about the new product line. She is now requesting a loan of 6,000,000 MNT to purchase a large amount of inventory for the new product line of winter boots.
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