Since 2004, Davaadorj has been running a small souvenir shop in the local history museum. The items she sells are bought by her son wholesale in Ulaanbaatar, the capital city of Mongolia. When she began to run her retail business, her working capital was 300,000 tugrug. As a result of her doing well, the capital has increased to 400,000 MNT.
Davaadorj requests a loan to purchase more "Made in Mongolia" souvenirs to increase her inventory as the tourism season approaches.
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