In 2003, Hongorzul and her husband, Undrah, opened an internet center and a cafe near her home. To increase her business income, she moved her business to a location downtown and switched from a cafe to a pub. Her monthly income has increased as a result of the good location, although her rent is dramatically higher.
Hongorzul is a humble and hard-working person who wishes to have a big family with many children. She says "My family had been living with my parents for many years. Only in the last two years, has my family has been living on our own. I really want to have my own condominium. My husband and I are planning to take out a mortgage from XacBank (Kiva's partner microfinance institution). We are working hard to save for a down payment."
With this loan, Hongorzul will pay her business rent for next 6 months.
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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Success!! The loan was 100% repaid