Bayarmagnai runs a small retail business in second-hand clothing. Since 2003, she has been selling second-hand clothes at the Narantuul market, the largest outdoor market in Ulaanbaatar. She purchases the clothes in large boxes from the wholesale market in Ulaanbaatar and sells individually-priced clothes at the stall that she rents at the Narantuul market. From the beginning, she has gained significant experience in retail.
In the future, she intends to expand her business by adding new clothes imported from Beijing, China. She requests a loan to purchase more second-hand clothes for her business.
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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