Ganbold is a forest specialist and has worked on patrol for several years. He started working at his sister's grocery store in a local market in 2012. He has gained a lot of experience working at the grocery store and is now starting his own business of selling fruits and vegetables at a stall at the local market.
Ganbold is now requesting a loan of 5,000,000 MNT to purchase a large amount of organic vegetables and used clothing inventory for his wife's business. The Ganbolds are hardworking and modest 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!