Banzragch says that his retirement compensation is not enough to support his family and that is why he started his business. He believes that access to education is the most precious gift that parents can give to their children and he helps share his youngest son's education expenses abroad. If the business does well, he would like to expand by renting one more nearby stall. He requests a loan to purchase more shoes from Ereen, China.
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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