Soronzonbold has a small retail business in clothing. He rents a small stall in the local black market and sells various men's and women's clothes. He frequently travels to purchase clothes from Ereen, China, a border town where many Chinese products are imported from. He started his retail business in 2000 with a small capital of 800,000 MNT ($1 USD = 1,450 MNT). Since the beginning, his business has been quite successful. With his profits, he was able to purchase a house on a small plot of land in the town. His current business capital is now above 2,848,000 MNT. He says that with his business profits, he has been supporting his family and his two oldest sons' university tuitions.
He hopes to expand his business by diversifying the clothes that he offers at his stall. He requests a loan to purchase more clothes from Ereen, China.
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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