Tumurhuyag started a second-hand tire sales business with his wife Gantsetseg in 2012. His wife is a translator and Mongolian language teacher. He is currently attending classes at a medical university. Ulaanbaatar relocated its market and he and he can no longer run his business.
He is renting a car wash business to support his family. Approximately 2000 vehicles are imported every month and demand for his business is increasing.
Tumurhuyag is requesting a 8,000,000MNT loan to finance the equipment and working capital. He is open-minded and strives to run his business consistently and persistently.
Tumurhuyag is a Youth Business Mongolia Project of Development Solutions finalist. He was appointed an experienced mentor to help run his business.
Youth Business Mongolia is a subsidiary of Mongolia of Youth Business International, organized by Development Solutions NGO to support young entrepreneurs and their ideas. It offers training, mentoring and technical assistance.
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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