Mr. Enhtuvshin started his business as foreign trade and business consulting services with his friend. They are hardworking and innovative people who always seek business opportunities. He has done some research on his new business idea of the importing and sales of youth skin care products. Mr. Enhtuvshin and his business partner have written a business plan for their skin care products, specially designed for youth, and have been granted the technical support from Development Solutions local NGO, which are now piloting the "Youth Business Mongolia" project to support young entrepreneurs' ideas.
He is now requesting a loan of 8,000,000MNT to invest in his idea to provide youth skin care products, which is a completely new and appropriate product for the targeted market. They are going to use the right marketing channesl to promote their products and to expand their reach.
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!