After gaining more selling and business experience, Tungalag decided to expand her business not long after it opened. Since 2007, she has traveled to China, where she buys new clothes and then sells them in her two rented stalls at the local trading center. Today, her working capital exceeds 1,250,000 tugrug (~855 USD). Now, Tungalag has a dream to expand her business and have her own workspace. She is requesting a loan of 800,000 tugrugs (~ 575 USD) to purchase more clothes.
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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