With his profit, he maintained and expanded his cafe last year. This couple hopes to have their own business place as soon as their business is quite successful. During the last three years, Bayanbat's working capital has increased from 500,000 tugrugs to 1,200,000 tugrugs ($1 US = ~1450 MNT). He requests a loan to purchase flour, rice, whole animal meat and vegetables for his business. He says, "My wish is to keep my only son healthy and help him become a good person."
Thanks, Bayanbat - an open, cheerful and hardworking person!
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