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HomeWomen In FinanceDendev's story: A mortgage to energy her household enterprise in Mongolia

Dendev’s story: A mortgage to energy her household enterprise in Mongolia

Oyunchimeg Dendev graduated from the Faculty of Polytechnics in Mongolia as a light-weight business technician and mechanic. She bought her first and solely job was for the State Stitching Manufacturing facility. After 16 years with the corporate, she determined to strike out on her personal. She made her first tailor-made items utilizing her dwelling stitching machine, and began promoting the ladies’s fits and faculty uniforms.

She couldn’t afford lease house out there so she bought the merchandise by way of word-of-mouth. A yr later, her husband joined the household enterprise when he misplaced his job on the brick manufacturing facility. Finally their two older youngsters discovered to make use of the stitching machines and likewise helped their mother and father within the enterprise. Because the capability elevated, nonetheless, they lacked working capital to broaden the enterprise.

That’s when Dendev discovered about XacBank. From her first mortgage of round USD 200 to buy stitching machines and electrical dynamos, to a number of ones through the years that she religiously repaid, Dendev has been capable of lease 5 market stalls to promote their product, construct an extension to their home to broaden their manufacturing space and buy a automobile to move her items. She has even begun to import males’s shirts and ties. Her peak season earnings can go as much as USD 1,000 a day!

Now that each her youngsters have graduated from college (schooling her enterprise earnings have been capable of pay for), Dendev is setting her sights on extra development for her enterprise. And her household will likely be there to assist her: all her youngsters are actually expert tailors who assist her in arising with new designs for her product.


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