Ganchimeg M. is 44 years old, married and the mother of three. She lives with her husband and youngest one on other's plot of land in Ulaanbaatar the capital city of Mongolia. Two children are grown up and live separately with their own family. In 2001, Ganchimeg started running a clothing sales business selling pajamas and bathrobes at the Narantuul, the biggest four season outdoor market in the capital city. She goes to Ereen, a Chinese border city, once every month to purchase PJs and bathrobes at cheap prices and then resells them in Mongolia. With the profit, she bought a place to live for her eldest two children. Now she is saving a small amount for her youngest child's future university tuition. She requests a loan to purchase more pajamas and bathrobes to increase her business inventory. Her dream is to have big stalls at the famous shopping malls.
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.