His business has been quite successful, as Chultem has increased his working capital from 100,000 tugrugs (~70 USD) to 800,000 tugrugs (~560 USD). The success of his business brings him profits that have enabled him to pay his childrens' university tuition fees. His wife takes care of their livestock which provide for their family's dairy and meat needs. Chultem says, "My dream is to see my children educated and having a quality life." He is requesting a 2,000,000 tugrug (~1,380 USD) loan to purchase spare parts to repair 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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