Battulga manages a meat and animal fat oil trading business in his town with the help of his wife. He sells a variety of meats and fat oil which he makes from the internal organs of animals. Animal fat oil is a popular product among residents who live far from the market and can't make frequent trips into town. They use it to make everyday foods such as buns and to fry potatoes. Battulga started his business in 2005 after working as a driver for a power plant since 1990.
Since he started, his business has grown quickly and has become quite profitable. He recently used his earnings to remodel his house. He says, "My business has enabled me to greatly improve my family's quality of life. I am now saving to buy a car which will help me operate my business in the future." Battulga is requesting a 750,000 MNT (~530 USD) loan to purchase animal fat and organs for 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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Success!! The loan was 100% repaid