Today he has a small retail business dealing in unprocessed livestock products such as unprocessed wool, cashmere and animal skins. He purchases these livestock products from herder families in the countryside and sells them at profit at the wholesale markets in the city or sometimes in Ulaanbaatar, the capital city of Mongolia. He has been running this business for the last 18 years and he is very experienced and well-known in the business. His business capital is currently 3,000,000 MNT ($1 USD = 1,450 MNT). He requests a loan to purchase more wool, cashmere, and animal skins from herders.
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