Ganhuyag began his business in 2006 with working capital of 100,000 tugrugs (approx. 69 USD) and as a result of his hard work and good customer service, his working capital now exceeds 510,000 tugrugs (approx. 352 USD). He is working hard in order to one day own his own house and workshop and buy new work equipment. He is requesting a 1,000,000 tugrugs (approx. 690 USD) in order to purchase some necessary tools and supplies for his boot-repair 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