She graduated as an accountant and started her own business, a small clothes design and manufacturing workshop, in 2009. She is a Youth Business Mongolia project contestant, and was selected from hundreds of young entrepreneurs because of her accurate cost estimation and her strong business plan. She has a mentor assigned by Development Solutions NGO, which operates the Youth Business Mongolia project of Youth Business International. She is known by her colleagues and associates as a hard-working, well-organized, decent, polite, and talented young lady.
Uuganchimeg's mother was a tailor, and she reports that she learned a great deal from her mother. She tells us that when she started her enterprise in 2009, it was a small project involving taking clothing orders and offering repair services, and she states that she now operates a business that has 80 regular customers. She credits her success to the fact that she provides friendly, fast, high-quality services.
The number of her customers is continually increasing. Following the modern trends expected by today's customers, Uuganchimeg believes that it is necessary to move into the area of fashion design and to provide a salon storefront where her customers can place their orders.
She is requesting a loan in the amount of 6,000,000 MNT in order to purchase equipment and raw materials to run her enterprise as a completely new business with a new business model.
More information about this loan
This loan is part of XacBank's startup loan program targeting loans to clients who are classified as very poor on the Progress out of Poverty Index (PPI). This program provides special training to startup loan recipients, and offers them an annual interest rate that is 2.4% to 3.6% lower than for standard loans. By funding this loan, you are supporting a program that helps borrowers get their businesses off the ground.
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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This loan has been fully funded!