He has selected one of the finalist of Youth Business Mongolia project which provides financial and management training to attendees and provide mentors who have potential of providing technical assistance to increase their success rate.
Bold's business plan needs a financial support of 8,000,000MNT to start his business by hiring 5 staffs and purchasing equipment. He sees that there is a very high demand in work clothing as there are many construction and other industries in Mongolian market, and there is a bright future in sewing business. Therefore, He would like to run the business and expand further in the industry.
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!