For the last few years Batbayar and his wife have sold livestock and firewood during the summer months. He has past experience in selling livestock. He bought a small truck and plans to transport livestock to Ulaanbaatar before the new year when most households buy large quantities of meat or livestock.
Batbayar is a hardworking, helpful and diligent man who is now applying for a 6,000,000 MNT loan. He will use the money to buy livestock from herders and sell them to Ulaanbaatar residents.
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!