Myanganzul is 36 years old and lives with her family in Arkhangai province in central Mongolia. She and her husband, a local taxi operator, and their two school-age daughters live in a ger (traditional nomadic tent).
Myanganzul is very hardworking and her business is doing very well. Through her profits, she has been able to increase her capital from 500,000 tugrugs (~ $345), when she started the business, to nearly 1,500,000 tugrugs (~ $1,035) today. In 2008, she and her husband purchased a car for her husband's taxi service. She says, “All of the income generated from our businesses is used for our household needs.” She is requesting a loan of 2,000,000 tugrugs (~ $1,380 US) to expand 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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Success!! The loan was 100% repaid