Daribazar is 41 years old and lives with his wife and 17-year-old daughter in Bayanhongor province, Mongolia. The family lives together in a ger (a traditional nomadic Mongolian tent). His daughter attends the local secondary school while his wife helps with the family business.
With his hard work and good business sense, Daribazar has been able to improve his family’s quality of life. He is requesting a 2,500,000 tugrug loan in order to purchase a large stock of winter clothes for his retail 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