Since the start of his business in 2004, his business capital has increased from 200,000 Mongolian Tughrik (about US $142) to 1,500,000 tughrik (about US $1063). In the future, he would like to have his two high school children enter universities of their choices without any financial strains. He requests a loan to purchase more secondhand clothes from Ulaanbaatar 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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