Lhagvasuren operates a meat retail business at the local market in her town. Her business is very important to her as it is the only source of income for her family. Lhagvasuren started her meat business in 2005 with capital of about 100,000 tugrugs (~70 USD). Since then, she has established herself amongst her customers as being very reliable and trustworthy and her business has reaped the benefits. Today, after years of effectively managing her business' growth, her working capital exceeds 1,000,000 tugrugs (~700 USD).
For the future, Lhagvasuren hopes to grow her business further in the hope of owning her own stall at a large store. She is also focused on providing a quality life for her family, most importantly her daughter's education. She hopes that her daughter will one day become well educated and contribute to the future development of Mongolia. Lhagvasuren is requesting a 3,000,000 tugrug (~2100 USD) loan to purchase more meat 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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Success!! The loan was 100% repaid