Galbadrah and his wife operate a clothes-selling business at a local market, an enterprise he started in 1990 with working capital of 300,000 MNT. After years of successful operation, his working capital is now 1,700,000 MNT. He began receiving XacBank services in 2002, and has a good credit history. Galbadrah is planning to expand his business in the future and operate a mobile clothing trading business in the countryside. An industrious person, he would like to increase his business profit and revenue and so is requesting a 1,000,000 MNT loan to purchase an array of clothing in Ereen, a Chinese border town.
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