Ariunbold rents a stall at the Narantuul market, the largest outdoor market in Ulaanbaatar, and sells various seasonal clothes for women and men. He purchases most of the clothes from Ereen, China, a border town where many small vendors purchase clothes for retail sale. Because the new year and lunar calendar year celebrations are approaching, he would like to bring in gift-related products from China.
He says that he has been in this small retail business for more than ten years. It is what he is good at and is the main source of income for his family. He is requesting a loan to purchase more clothes from China.
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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