Since her husband passed away ten years ago Davaadalai has worked in various jobs to cover expenses for her and her two children. She now rents a stall in the marketplace but is planning to open her own grocery shop. She is requesting a 800,000 MNT loan from XacBank to buy equipment and other necessary items to equip her shop.
Davaadalai is a powerful woman who says, "My children are bigger now and help me run our grocery stall. I am happy that Xacbank can provide me with helpful loans."
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