Davaasuren J. is 45, married, and the mother of two. Both her sons are university students in Ulaanbaatar, the capital city of Mongolia. She lives with her husband in a "ger" (a nomadic Mongolian tent) district in Arhanghay, one of Mongolian central provinces.
In 1999, together with her husband Nyamtseren, she started her clothing retail business at the local market. She works as a saleswoman and her husband goes to Ereen, a Chinese border city, to buy cheap apparel. Ereen is a city where many Mongolians go to buy cheap goods to resell in Mongolia. As a result of hard work, her working capital has increased from 400,000 tugrugs to 1,600,000 tugrugs ($1.00 USD=1450 MNT). From her profit, she pays for her sons' tuition.
She requests a loan to buy men's and women's apparel to increase her business inventory. In the future, she is planning to expand her family business by selling raw clothing materials such as animal skins, wool, and cashmere.
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.