Ereen is a Chinese border town, from which many cheap Chinese products are imported. She frequently travels to Ereen and purchases cheap yet trendy clothes especially for young people in the town. Since its start, she has done quite well and her business capital has increased from 800,000 Mongolian tugriks to 1,200,000 tugriks (about US $560 to $850). Her future plan for her business includes adding a greater variety of clothes for young people. She 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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