As the city authority has recently introduced city buses for locals, the taxi business has gotten more competitive. U. now works harder and more hours in order not to lose her daily income from her taxi business. After this winter, she hopes to sell her old car and purchase a better cost-efficient and fuel-efficient Japanese car for her business. She says that with the new Japanese car, she can reduce repair and maintenance costs as well as fuel costs.
For now, she requests a loan to purchase second-hand spare parts for her old 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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Success!! The loan was 100% repaid