Sugar is a 20-year-old man who lives with his parents and siblings in Bayanhongor province in Southern Mongolia. He runs a welding service business based on his experience. He learned welding when he was young from his father. He is planning to open a welding center with some support. Even though he is quite new to the business, he did some research on the field and planned all the procedures.
Sugar is a diligent young man who says that "I would like to develop the welding business with the support of lenders by building a workplace for it". The total amount he is requesting is 2,700,000 Tugrik (MNT) to build a workplace where he can run the 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.