He has been running a taxi service in town since 2008. He has gained lot of experience and regular clients over the years. He has recently replaced his car with a better second-hand car, but it still needs some repairs and replacement spare parts are needed to operate his business smoothly with no pause.
He is now requesting loan of 1,000,000 MNT (Mongolian tugriks) to purchase spare parts and cover the repairing cost of his car to smoothly provide taxi service in town. He is a hardworking, enthusiastic and energetic young man.
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