Otgonbaatar operates a retail dairy products business in her town at the local market. She began this business in 2006 with working capital of 300,000 MNT and now it has reached 1,000,000. In 2008, she also began a clothing business. She purchased a car for her husband with the business revenues. Otgonbaatar attributes her business success to her knowledge of the local market demands. She is requesting a 500,000 MNT loan in order to purchase more dairy products and consumer goods.
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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