N. manages a clothing business in her town. She sells a variety of clothing items that are imported from China. N. started her clothing business in 1999 with capital of 20,000 tugrugs (~14 USD). At first she only sold second-hand clothes, but after growing her business over the years, her success has enabled her to purchase and sell new clothes.
Today, her working capital exceeds 2,000,000 tugrugs (~1400 USD) For the future, N. hopes to continue to grow her business and says, "I hope to one day own my own workplace." She is requesting a 1,700,000 tugrug (~1200 USD) loan to purchase more clothes in order to expand 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