Dumaa has been operating a felt production business in Kharkhorin since 2002. She produces a variety of felt products, such as slippers, bags, jackets, etc. She has improved her skills and gained much experience since starting, and her business has grown as 2-3 other producers have joined her.
Dumaa used profits from her business to build her family a warm and cozy winter home. Her future business goals are to introduce her handicraft products to as many customers as possible throughout her community and also target the many foreign people that visit during the tourist season. She is requesting an 840,000 tugrug (approx. $580 USD) loan to purchase wool-processing equipment, which is essential for her to improve her product's quality and make her production process more efficient.
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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