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Aug 23, 2016 2:13 PM ET

Archived: China: Xiao Ao – A loan of $3,000 helps to open a branch of his grocery store for his parents

iCrowdNewswire - Aug 23, 2016

Xiao Ao

NanChong, China / Grocery Store
Borrower image

Xiao Ao’s story

Xiao Ao is a 27-year-old single man without children or dependents. He is operates a grocery store by himself. When he was a little boy, he had a rich life, though it did not last a long time. He did not receive much education and devotes himself into society after high school. Xiao Ao sells different kinds of goods to meet the needs of his clients in his city. Sometimes, once his clients purchase more goods and could not deliver, he will transport clients from all corners of the city but more so the ones that have known him for some time and have built confidence in him. Xiao Ao has been in this business since 2014. He works seven days a week to supplement his income. This year, his parents are back to hometown to help him operates the grocery store. Considering the parents will not to go out any more, Xiao Ao wants to open a new grocery store for his parents on the other side of the street. He requests 20,000 CNY from Microcred to pay house rent and purchase some goods. He wishes to do large-scale business in the future. Xiao Ao describes himself as very hardworking and honest, and he will try to do it well. 

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This loan is special because:

It empowers small business owners in rural China. 

Mark McDonagh
Kiva staff 

More about this loan

This loan is part of Microcred’s efforts to provide working capital to small businesses in rural areas of China’s Nanchong district. Given China’s economic boom, many microfinance organizations focus their lending activities on SMEs, leaving micro-businesses with little or no access to capital. By funding this loan, you are helping Chinese micro-entrepreneurs get access to capital and become successful business owners.
Due to Chinese government regulations that complicate money transfers, if you fund this loan you may receive your repayments up to 6 months after the repayment deadline. The Field Partner may hold any repayments made by the borrower until a money transfer is made to Kiva; this should not exceed a 6-month period of time. We want you to be aware of this potential waiting period and the associated risks before making a loan to borrowers in China on Kiva.

About Microcred China Ltd.:

Microcred China (MC China) is an investment company based in Hong Kong that aims to increase access to financial services among rural communities in mainland China. MC China targets farmers, micro and small entrepreneurs in Sichuan province. The company was established as an alternative banking solution for people who were being excluded from borrowing in the traditional banking system.

A loan of $3,000 helps to open a branch.

Contact Information:

Xiao Ao

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