Together with his wife, Oyunchimeg, Gombodorj runs a small retail business selling phone cards and mobile phone accessories. In 2004, he rented a stall in a local market and started selling the phone cards that he bought from wireless phone service operators at wholesale prices and his wife sells them through their stall.
Their business started with 400,000 MNT (approximately $290) of capital. After a few successful years he has become an official distributor of phone cards for all four major domestic operators, and receives exclusive discount wholesale prices. Recently, he added two more domestic operators, G-Mobile and Mongolian Telecom Company. His business capital has increased to 1,500,000 MNT.
Gombodorj hopes to have his own shop to sell his phone cards, instead of renting a small stall at the local market. He requests a loan to purchase more phone cards for his business.
In the photo, Gombodorj's spouse Oyunchimeg is shown at their phone card sales stall.
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