In 2004, the government laid off a significant number of high school teachers due to a structural change in the higher education of Mongolia. Erdenetsetseg was one of them. After the layoff, she started a small retail business in school related products such as pens, pencils and notebooks. She purchases the products from the wholesale markets in Ulaanbaatar..
Since she was a high school teacher, she knows what school children need during the school season. Maybe because she used to work in education, she hopes to make sure that her only child receives the best possible education. Her dream is to send her son to one of the best universities in the world. She requests a loan to purchase more products for her retail shop.
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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