In 1998, she started making and selling Mongolian traditional shoes. Over time, her quality traditional shoe has attracted more and more clients. When she started her business, her working capital was 150,000 tugrugs ($1.00 USD = 1450 MNT), and her average monthly income was 240,000 tugrugs. As a result of hard work and 11 years of experience, Baasanjargal's working capital has grown to 500,000 tugrugs and her monthly average income has reached 800,000 tugrugs.
One of her sons is handicapped and stays at home. Baasanjargal says, "I'm working hard to increase my family’s income since we really need money for my youngest son's medical payments." She adds, "My hope is to have my own shoe-selling stall in the future."
She requests a loan to buy shoe heels and other raw materials to increase her business inventory.
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