During this time, his business has been quite successful, as Boldbaatar has increased his working capital from 250,000 to 1,000,000 MNT. He must operate the business as well as pay his sons' tuition fees from his profit and savings. He is requesting a loan in order to increase his available working capital and purchase spare parts for his car.
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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