Bayarjavhlan has been running a taxi service business since 2011, which his wife helps with. His daily income is 45,000 MNT, however his profit (300,000 MNT per month) cannot cover his family's expenses. Therefore, his wife has decided to start a business selling clothes. She plans to rent a counter in a trading center and import the goods from China. Her sister has experience in this type of business, so Bayarjavhlan and his wife will consult with her for advice on how to manage their new business.
They are requesting a 2,500,000 MNT loan to invest in starting this business and plan to use the profits to build a new house.
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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Success!! The loan was 100% repaid