Lhagvasuren lives in Uvurkhangai province with three children: one son is serving in the army; one is a herder in the countryside, and her daughter goes to school. A healthy and diligent worker and good communicator with the ability to expand her business, Lhagvasuren is requesting 1,500,000 tugrugs (approx. $1040 USD) to purchase a knitting machine for 800,000 tugrugs and raw materials for 700,000 tugrugs. She would like to have her own workplace in the future.
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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