Byambasuren, 61, is married and lives with his wife and daughter in Arhangai province, Mongolia. They live in a house on a small plot of land that they own.
He began operating a bakery and woodcraft trading business in 2000. Then he started to sell clothes in 2006. His daughters help him to purchase goods from China and he takes care of the sales. He rents a stall at a local market. He started his retail trading business with a working capital of 200,000 MNT and his current working capital exceeds 3,000,000 MNT. He has been one of the reliable customers of our bank since 2000.
Byambasuren is a hardworking and honest person who says, " I want to expand my business and help my children start their own life". He is requesting a loan of 1,200,000 MNT to purchase clothes for his 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.