Mangal, 40 years old, lives with her husband and three daughters in a 'ger', a traditional Mongolian nomadic home tent, in Bayanhongor province in central Mongolia. Her husband operates a billiard service in the local market. Mangal operates an imported consumer goods and clothing items trading business out of a rented stall at a local market.
She started her business in 2002 with a working capital of 500,000 MNT. She has gained much selling experience and knowledge of her trade over the years and attributes her success to her good accounting skills. After years of operation, she managed to expand her business by selling her merchandise out of two different spots. Today, her working capital exceeds 6,000,000 MNT.
For the future, she hopes to grow her business and continue run her consumer goods trading business with stable operation. Mangal is a hard-working woman and says, "All I want is to provide a higher education for all three of our children. " She is requesting a 2,500,000 MNT loan in order to import more products from Erlian, a border city in China.
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.