Since he began his business, he has been quite successful with his working capital growing to 6 million tugrugs (~4095 USD). His success has allowed Munhbat to renovate his home and hence to better care for his aging parents. He is requesting a loan of 1,400,000 tugrugs (~ 975 USD) in order to purchase a large amount of wooden planks 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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