Munhzaya D. lives with her husband and three teenage children in Arhanghay, one of Mongolia's central provinces. All three of her children are local high school students.
Munhzaya has a small retail business selling clothing. She rents a small stall in the local market and sells various women’s and men's clothes. She usually buys clothes from Beijing, China. She started her business in 2000, and since then has done very well. Her business capital has increased from 500,000 MNT to 4,000,000 MNT ($1 is approximately 1,400 MNT). She has been running her business for almost a decade and is great at picking clothes that are in demand.
In the future, she would like to own her shop, instead of renting a stall in the market. She requests a loan to purchase more clothes from Ereen, China.
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.