Sarangerel D. is 52 years old, married, and the mother of two. Her family lives in a "ger" (nomadic housing tent) district on the plot of land her family owns in Arhangai, one of the Mongolian central provinces.
Sarangerel’s husband, Altangerel, has already retired. Before he retired he had been working at a local mining operation for twenty-seven years. He runs a small carpentry shop to increase his family income since their only grandson has suffered a stroke. Most of their income is spent on their grandson's treatment.
Sarangerel is a professional chef. She worked in a tourist camp as a chef between 2005 and 2007. Further, she rents a small cafe that is located in a hotel. Since her cafe business is quite successful, she decided to rent another place to open another small cafe near the main interstate road. This loan will help her to open this small cafe. Sarangerel says that "our dream is for my beloved grandson to get fully recovered."
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.