Demberelsambuu operates a household furniture and products trading business in a local trade center that was newly opened. His daughter suggested that he run his own business; therefore, he decided to expand his daughter's business by selling a variety of furniture, lampshades and curtains. He started this business one and half year ago and was successful in his new business within a short time.
Demberelsambuu is requesting a 3,400,000 MNT loan to increase his product line and selection due to the upcoming holidays and celebrations in autumn.
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