Ulambayar would like to start a small business making blocks and bricks for construction. Three years ago, Ulambayar's family moved from the Hentii province, one of the eastern provinces of Mongolia, to Ulaanbaatar. When he arrived, he worked in his cousin's firm producing blocks and bricks for construction. Now, based on his experience, he would like to start his own brick business.
As the construction industry booms in Mongolia, there is an ever-increasing demand for construction materials including blocks and bricks. He requests a loan to purchase the necessary equipment to make blocks and bricks for construction.
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