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Tungalag
Tungalag is a 35-year-old businesswoman who lives in Arkhangai province in central Mongolia with her husband and 12-year-old daughter. Her husband is a worker at the municipal treatment authority and her daughter is a student at a local secondary school. Tungalag and her family live in a “ger”, a traditional Mongolian tent. With a goal to have savings for her daughter's future life, Tungalag started her second-hand goods retail business in 2003 with a working capital of 80,000 tugrug (~55 USD).

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.

Additional Information

About XacBank

This 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.

About Mongolia

  • $2,175
    Average annual income
  • 20
    View loans »
    Mongolia Loans Fundraising
  • $15,289,050
    Funds lent in using Kiva
  • 1,452.0
    Mongolia Tugriks (MNT) = $1 USD