When she began her retail business, her working capital was 1.5 million MNT ($1USD=1,600 MNT). She pays $230 monthly to rent her stall. Mongolmaa's average monthly income is 3 million MNT, and her average monthly profit from her business is 300,000 MNT. Once every three months she visits Ereen, a Chinese border city where many Mongolians who run businesses buy their goods, and brings back cheap cell phones to resell. Now, her working capital has increased to 5 million MNT. Her business has become quite successful. She is the only one in her family who brings in an income, as her parents are retired. Her younger sister is a university student and Mongolmaa pays for her tuition. "My sister will graduate from university next year. Then she will begin to work and become a salaried employee. At that time I hope my family's living condition will be improved," Mongolmaa says in Mongolian. She is a hard-working and humble personality. With this loan, she will buy more cellular phones.
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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