Dambinragchaa makes various horse saddles for herders who use horses for transportation. Dambinragchaa is a skilled saddle maker with dozens of years of experience under his belt. After the move to the capital city, he started making various saddles and rented a stall in the Narantuul market, the largest outdoor market in Ulaanbaatar, to sell his saddles. His income from the saddle-making business is the main source of income for his family.
He hopes to be able to support his two sons' university education and pay their tuitions on time until they graduate. Damdinragchaa is requesting a loan to purchase raw materials for his saddle-making business.
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