Mr.Yakula is 51 years old and lives with his wife and three children in a small house in the Bayan-Ulgii province of Mongolia. His wife Juldiz is 51 and helps her husband run their family business of retail clothing at a rental counter of the local market. Their older daughter, Saulegul, is 24 and works at a local company. Son Jarhinbek is 23, a university student, and youngest daughter Ardah is a local secondary school student.
Yakula and Juldiz started their family business of retail clothing in 2000, and import clothing inventory from Erlian, China to sell at a rental counter of the local market. To increase their sales, he is now requesting loan of 4,000,000 MNT to purchase a clothing inventory before the academic year starts.
He is a hardworking, responsible, and welcoming man.
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.