Gulguu C. is 49, married, and the mother of three. Her two youngest daughters are university students in Ulaanbaatar, the capital city of Mongolia. Her eldest daughter has just graduated from university and came back home.
Besides running a small family cafe, Gulguu, together with her eldest daughter, started running a copy center in a small rental place. She says that "My eldest one just graduated from the university. Now my two youngest ones are university students. It is hard to pay all our profit for their tuition for many years. I and my husband have been working hard for the last ten years. Although we invested all our profit in our children's future, I hope that one day our living conditions will be improving."
With this loan she will buy a new copier machine and raw materials for her business.
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.