Otgontsetseg G. is 40, married and has one daughter. Her family lives in a "ger" (a nomadic Mongolian tent) district in Ulaanbaatar, the capital city of Mongolia. Her family proudly owns the plot of land where they live.
In 2001, she started a shoe business at Narantuul, the largest year-round outdoor market. Her business was a success, but the brutally cold Mongolian winter caused her to have health complications. Eventually she was forced to close her shoe stall at Narantuul and buy a clothing stall at Hantalst, an indoor market.
Otgontsetseg goes to Ereen, a Chinese border city where many Mongolians buy cheap goods to resell, once a month to buy fashionable women's shoes. Her husband works as a taxi driver, and her only daughter is a university student.
She is requesting a loan to buy shoes for the spring and summer, which are usually very busy. Otgontsetseg says, "Selling cheap shoes is not great for the customer. Consumers like cheap goods, but they also want quality. I will try to sell inexpensive but high-quality shoes in the future."
This 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.