Uuganbayar has a small retail business selling secondhand car accessories. He started the business with his parents in early 1995 and the business was passed down to him after his marriage. He has plenty of experience with car accessories and fixes cars by request in his free time.
In the future, he would like to open a full-service car shop where he would be able to fix and diagnose cars. Uuganbayar requests a Kiva loan to buy more secondhand car accessories for his 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