Amgalan has a small retail business that sells unprocessed animal products such as wool and cashmere. She buys unprocessed animal products from local herders and brings them to Ulaanbaatar, the capital city of Mongolia, to sell for a profit.
She started the business in 2000 with 450,000 MNT ($1 USD = 1,500 MNT) of capital, which has now increased to 4,500,000 MNT. She pays her oldest son's tuition from her profit. She is now planning how to afford her son's tuition for the next academic year. She requests a loan to purchase more unprocessed wool and cashmere from Arhanghay's local herders.
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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