Myagmarsuren owns a taxi service in his town. He started his business in 2008 after purchasing his own car. In his town, there is no public transportation service therefore demand for taxi service is high. After a short period of operation, he has expanded his customer base and earned a good reputation among the local people. He has found success in his business and his earnings have enabled him not only to buy a plot of land and fence but also to start building a house for his familyoin it. Moreover, his family's standard of living has been improving greatly.
Myagmarsuren is requesting a 2,500,000 MNT loan to finish construction of his house as well as purchase a necessary spare parts for his taxi.
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.
About Housing Loans
Many poor families cannot afford housing that meets their needs. When you make a housing loan on Kiva, you give people access to flexible capital to obtain or improve their homes. Better housing means better health, sanitation, and even educational outcomes for children. A house can also be much more for entrepreneurs who run businesses out of their homes. In this way, housing and small business loans on Kiva share a common purpose: to alleviate poverty and enable families to enjoy more stable lives.
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Success!! The loan was 100% repaid