Tungalag is a pharmacist and had worked in a drug store till 2001. Since then, she started to operate her own pharmaceutical business in the local market. In addition, she began to supplement her pharmacy earnings by selling a variety of cosmetic products and accessories such as bags, manicure sets, etc.
Tungalag stopped operating her pharmacy when pharmacies without licenses were forbidden to sell medicine. Her cosmetics trade then became her main business from 2003 on. Her other son lives and works in Korea and helps by sending cosmetics to her. She stocks up two to three times a month.
Tungalag is a very optimistic, diligent and hardworking woman. She is requesting a 2,000,000 MNT loan to purchase more cosmetics and accessories for her business.
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