Punsal operates a ger (a monogolian nomadic felt tent) camp in the yard of her apartment building. Her business serves the many tourists and travelers that pass through her province. In 2004, Punsal started her business by building a ger and fencing in the yard around her apartment building. Her business found success and she expanded by building five more gers. She stays very busy during the summer tourist season, but her business dies down in the winter and she stores three of her gers. Punsal hopes to expand her business in the future. Her oldest daughter is currently finishing her final course to become a tourism specialist. Punsal said, “my daughter is graduating as a tourism specialist, I think we will expand our business.” In the meantime, however, Punsal must renovate and replace the covers of her aging gers. She is requesting a loan of 1,000,000 tugrug (approx. $870 USD) to renovate her gers.
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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