While his wife works as a dentist in town, Lhagvasuren operates a food-selling business which he purchased In 2009 with 20 million MNT. His commodity balance is now 15 million MNT, and he also plants seabuckthorn trees to sell, profits from which have allowed him to purchase a car.
Over the years Lhagvasuren has worked hard to build a stable business operation and has gained much experience. His business is very important to him and his family. He says, "I really want to expand my business and open a big wholesaling center in my town and am trying my best to achieve the goal. Plus, my only wish is to provide a good education for my children and to help them become good people. My wife and I are putting money in my children's savings."
Very hardworking and not easily discouraged, Lhagvasuren is a good and reliable client of XacBank and is now requesting a 3,500,000 MNT loan to purchase more foods such as pastries, cookies, candy, fruit, flour and rice to sell in the 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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