Ganguyag G., 23, is married and lives with his wife in the Uvurhangai province of Mongolia. They live in a ger, a Mongolian nomadic tent.
He started a karaoke business with his own working capital in 2007. Ganhuyag is a hardworking and determined person who wants to expand his business in order to have a stable source of income.
He is a regular customer at our bank and needs to buy more items and tools for his business.
He is requesting a loan of 1,200,000 MNT to buy more equipment for his karaoke business.
This 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.