Chinbat has been operating a mobile phone business in a rented store space for ten years and now has some clients. He purchases mobile phones and tools by himself. He hired his sibling as a salesperson at his stall.
Chinbat wishes to expand the business and own his shop. He is requesting a 3,600,000 MNT loan to purchase mobile phones and spare parts in order increase his sales.
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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