Mercy Foundation Provides Loan
Batmakan's storyBatmakan is a married 37-year-old. She works in animal husbandry for 17 years to provide the primary income for her family. Thanks to her hard work, today Batmakan's farm contains one cow and ten sheep. In order to grow her business, she requested a loan in the amount of 30,000 som (KGS) from the "Bai-Tushum" Bank to buy livestock. Therefore, Batmakan plans to invest the earnings from the loan into further increasing her livestock quantities. In Batmakan’s native country of Kyrgyzstan, the average yearly income is just $2,500. This means that microloans even of just a few hundred dollars can go an extremely long way to helping entrepreneurs. In fact, the microloan that Batmakan is interested in represents one fifth of the average annual income for people in the nation. With the microloan of $500, Batmakan will be a significant step closer to achieving her goal of making her business financially self-sufficient.
Microloan PartnerThe field partner for this microloan is Bai Tushum Bank. Bai Tushum Bank CJSC is a microfinance bank in Kyrgyzstan offering clients a range of products. Furthermore, their products include loans for business development, trade, production, leasing, mortgage, consumption and more. Its portfolio is mostly comprised of group loans that cater to the broadest population of clients. Kiva lenders’ funds help the bank expand its services in remote areas to impact even more vulnerable communities in Kyrgyzstan. With the help of Bai Tushum Bank, the Mercy Foundation was able to successfully fund this $500 loan to Batmakan. Now she can purchase the livestock that she needs to grow her business. Not only will Batmakan and her family be able to benefit from the growth of her business, but her community will as well. This is because Batmakan’s farm can help supply animal-based goods to her neighbors and fellow community members. In conclusion, Batmakan has now successfully received funding for her loan. However, there are still many entrepreneurs in underserved nations around the world who need access to capital. If you would like to provide a microloan to an entrepreneur in need, please feel free to visit Kiva.org today. There are many people who could use your help! Now is the perfect time to get started with microfinancing to promote businesses. Notes
- This article is based on https://www.kiva.org/lend/846754