R. operates a meat inspection laboratory in her town. She got permission from the government and began to operate her business in 1998. She examines samples of all the meat products in the local markets for quality and cleanliness. For each sample she takes, she is paid about 50 cents. She is proud that she provides a valuable service to her community by protecting her neighbors from potentially dangerous food.
She says, “I want to continue to pay the tuition fees for my children and I want them to be educated young adults with a great passion and enthusiasm for life.”
She is planning to expand her laboratory and to buy new tools in order to increase the quality of her service. She is requesting a 1,000,000 tugrug (~700 USD) loan in order to purchase new, high-tech tools for her meat inspection 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