Davaadechin has been running a mobile phone and accessory sales business in Tedy, the biggest cellular phone sales center in Ulaanbaatar. Once every month Davaadechin goes to Beijing, China, to buy mobile phones at a cheap price to resell them in Mongolia. His wife Urantamir looks after his shop sometimes when he goes to Beijing. Besides helping her husband, Uranchimeg runs her own grocery store.
Davaadechin requests a loan to buy more mobile phones to increase his business inventory.
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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