Ms. Oyuntogtoh has been working as a chef for 21 years and has lot of experience in the business. She has been working in this particular cafeteria for three years and now rents a small cafeteria of her own to increase the family's income.
Semben has been helping his wife start a family business of running a small cafe. He is now requesting a loan in the amount of 3,500,000 MNT to purchase a large amount of (food) inventory so that they can start their business before the Mongolian National Holiday, which is the high season for the food business.
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.
0View loans »
Success!! The loan was 100% repaid