Sometime he goes to Ulaanbaatar, the capital city, to sell raw materials for higher prices. With the profit he has been building a house on the plot of land he owns. His eldest daughter Narangarav, 20, is a university student in Ulaanbaatar, the capital city. Second child Mendgarav, 18, is just graduating from high school and is planning to enroll in university this year.
Ganbaatar is working hard to complete the building of a house for his family needs and to save small amounts for his two children’s tuition. With this loan, he plans to purchase wool and cashmere at cheap prices.
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