Jargalsaihan has been working as an ironsmith in his home since 2004. Before starting his iron craft business, he worked as a bookkeeper for a company in Hovd province in 1978 and an electrician for the Tulga company in 1990. Besides his business earnings, the family has several income sources including his wife's monthly pension of 104,000 MNT and his monthly disability pension of 54,000 MNT.
Jargalsaihan is requesting a 500,000 MNT loan in order to increase his working capital for his ironcraft business. In the future he hopes to expand his business by producing more kinds of products. Jargalsaihan says, "I want to continue grow my business, and buy a plot of land and fence for my son who will live on his own soon."
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