Purevdorj is an open-minded, friendly, hardworking, and thoughtful young man who always looks for ideas to grow into a business and support his family. His parents are retired and his younger sister has given birth to a baby so the family expenses increased recently.
Purevdorj is one of the YBM business plan competition finalists and delivered training and technical support from Development Solutions, a local NGO which is now piloting the "Youth Business Mongolia" project to support young entrepreneurs' ideas. His favorite phrase is "Your time will surely come. But until that time comes, prepare yourself every day…"
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!