Since then he deposited and saved his earnings in order to buy a small plot of land where he built a house for their family. Before that he used to live in a ger, a Mongolian traditional nomadic housing tent, in someone else's backyard. Also he managed to renew his car twice with profits he earned.
Now he wants to finish the construction work on his house that has been left to be fixed in the future. He is a hard-working and honest man who says, "I am doing my best to better my family's living conditions." He is requesting a 3,000,000 MNT loan to purchase construction materials for his house.
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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