Nyambaatar graduated from college as an excavator driver in 2007, and he has worked as a salesperson in the auto retail business since then. He has just started his tire service business to increase his income, in order to cover increased family expenses.
He is now requesting a loan of 7,000,000 MNT to purchase the necessary equipment and tools to start his business. He is dreaming about expanding his business, purchasing a plot of land, and building his own house.
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!