U. is 40 years old and lives with his wife and two children, ages 14 and 10, in the Chingeltey district of Ulaanbaatar, the capital city of Mongolia. He and his family live together in a ger, a traditional Mongolian nomadic tent, in one of the ger districts on the outskirts of the city. Both of his children attend a local secondary school and his wife works in a shoe factory and earns a monthly salary of 200,000 tugrugs (~$140 US).
U. began his business in 1999 and currently makes between 8 and 10 belts per month which earns him between 90,000 and 120,000 tugrugs (~$63-$84 US) in profit. U. is requesting a 500,000 tugrug (~$350 US) loan in order to purchase a sewing machine for his business.
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