Gangragchaa purchases wool from the countryside, reselling it at the town market, a business he started with his brother in 2009. Having gained much experience, he now owns a truck and sells the wool privately. He purchases one kilogram of wool at the price of 500 MNT and sells at 780 MNT. His business turnover capital is 2,400,000 MNT, and his monthly sales amount to 4,000,000 MNT.
An energetic and responsible man who says, "My business is my sole source of income and finance and I want to expand it, own my own land and build my own house,"Gangragchaa is requesting a 1,300,000 MNT loan to purchase more wool to sell.
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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