Battulga began making Mongolian traditional boots in 2006, assisted by his wife while taking care of the children at home. They manufactured the footwear by hand until they bought a sewing machine for 365,000 MNT in 2010, a purchase that has made their job much easier. The boots they now produce are both traditional and modern styles which are bought by both Mongolians and foreign visitors. Battulga and his wife currently have one employee who earns a salary of 150,000 MNT per month.
Their business has expanded little by little and will continue to grow. Battulga is a hardworking person and caring father who says, "We have our sewing machine and we need to have our own workshop in the future." He is requesting a loan of 700,000 MNT to buy leather and other necessary materials for his boot-making 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