Bayarmaa operates a retail clothing business out of a stall in a local trading center. She began her business in 2005 after working as a salesperson in another person's clothing business. At first, her working capital was 400,000 MNT, but her business grew quickly and steadily so that now her working capital exceeds 5,500,000 MNT.
Because of her business success, she was able to purchase a house for her family to live in as well as send one of her sons to study in Korea. She says, “I plan to continue to grow my business in the future in order to help my children with their finances.”
Bayarmaa is requesting a 3,000,000 MNT loan in order to purchase a car which will be used to transport her clothing from China and Ulaanbaatar back to her shop.
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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