B. and his wife work together sewing traditional Mongolian boots which they then sell at the local market. B.’s wife, Tseveen, began sewing in 1984 and her work is very popular because of its high quality.
B. also owns a car repair service which he began in 2004. This couple works hard to provide for their children and improve the quality of their lives with education. B. is requesting a 2,000,000 tugrug (~1400 USD) loan in order to purchase fabrics and finishing materials to be used for making boots during the upcoming winter months.
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