For 10 years, Mr. Batchuluun has been running a transportation service business in town. His vehicle has been damaged for a while now and it needs some spare parts to get it running again. As a result, he is now requesting a loan in the amount of 500,000 MNT to purchase spare parts for his vehicle and to thereby run his transportation service business more smoothly. He explains that he is a hardworking and diligent man.
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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