Pagamsuren D. lives with her husband and two sons in a ger, the Mongolian nomadic dwelling, in Uvurhangai province of Mongolia. Her husband works in a local market as a guard and they have been living in their current home, which belongs to her mother-in-law, since 1999. She started her grocery trading business at a rented space in Mon-Mandal, a local market in her town.
Before beginning her business, she worked in a food store as a salesperson. Her business operation has expanded by increasing the variety of products at her grocery shop. Her business has grown quickly over the years and her total turnover reaches 1,520,000 MNT today. Her average monthly sales profit is 120,000 MNT and she receives 36,3000 MNT as salary per month.
In the future, she plans to expand her business by continuing to increase the number and variety of products she sells. She is a very modest and optimistic businesswoman. Pagamsuren is requesting a 1, 500,000 MNT loan to purchase more clothes to sell in her store.
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.