Battsetseg and her husband work together in their retail vegetable business, which they began in 2003, in one of the largest black markets in the city. Her husband drives to nearby provinces and purchases vegetables at wholesale prices, then transports the goods back to the city where Battsetseg sells them for a profit. Since beginning her business 7 years ago, she has experienced steady growth and her working capital currently exceeds 1,000,000 tugrugs (approx. 690 USD). Her daily sales are around 200,000 tugrugs (approx. 138 USD) and her average monthly profit is 350,000 tugrugs (approx. 242 USD). She is working to expand her business in the near future and is requesting a 1,500,000 tugrug loan (approx. 1,035 USD) in order to purchase a large amount of vegetables so that she can store them in her cellar until prices increase in the spring when she can sell them for a larger profit.
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