Battumur started his business in 2007 with capital of 500,000 tugrugs (~ $350 US). Even with only a few years of experience in his trade, he has established a stable operation and a good position in the business community. Today, his working capital exceeds 2,600,000 tugrugs (~ $1820 US). For the future, Battumur hopes to continue to grow his business and says, "My ultimate goal is to save enough money for my children's future." He is requesting a 2,600,000 tugrug (~ $1820 US) loan to purchase more raw materials in order to improve his 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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