Boldbayar manages a taxi service business with his older son. He started his business in 1995 and it was not as easy as it may seem. It requires great patience and hard work in order to succeed. Boldbayar is one of the lucky men who was able to stabilize his business by providing safe and comfortable rides for his customers. At first, he drove a Sonata and, a few years ago, he managed to replace it with a more advanced vehicle, a Mazda Familia. Boldbayar is planning to continue his business in the future. He is a diligent and open-minded person who says, "I would like to repair my house in order to make it as comfortable as it can be." He is requesting a 2,000,000 MNT loan to purchase new roofing material and some iron boards to repair 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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Success!! The loan was 100% repaid