Nergui O. lives with her three teenage daughters (ages ranging between 10 and 17) in Ovorhangai province, one of Mongolia's central provinces. All her daughters are local high school students. Her husband works on construction in South Korea with a three-year contract. He went to South Korea to seek a better salary and better future for his family.
Nergui has a small retail business in home furniture. She has a small furniture shop in the town and she mostly brings her products from the wholesale markets in Ulaanbaatar, the capital city of Mongolia. She has been in the furniture retail business since 2005 and has gained some regularly-visiting customers in the town.
In the future, Nergui hopes to open a new furniture store in the town. She says that her ultimate goal is to see all three daughters graduate from university without financial strains. She requests a loan to purchase more furniture from Ulaanbaatar 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.