E. operates a microbus transportation service and takes passengers from one side of Ulaanbaatar to the other. He began his business in 2000 by renting his friend's microbus and, after several years of hard work and saving, he managed to buy his own vehicle. He says, “I work hard every day to improve my business in order to improve my family’s quality of life.” E. is requesting a 2,300,000 tugrug loan in order to purchase repair parts for his microbus.
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