Odgerel operates a bakery and ice-cream business in her town with the help of her husband. Odgerel spends most of her time baking and her husband is responsible for making and selling ice cream. Odgerel and her husband started their businesses in 2001 and have steadily made progress over the years. Their earnings have enabled them to buy tools and equipment for the bakery. They have many plans for the future and hope, one day, to open their own store where they can sell their baked goods and produce ice cream.
In the future, she wants to have her own store, so she has already begun to build a stall in a local market. She says, "All I want is for my children to be well-educated." Odgerel is requseting a 3,200,000 tugrug (~$2250 USD) loan to purchase milk and flour for her ice cream 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