Tuvshinbayar M. is 23 years old and lives with her parents in Arhangai Province, one of Mongolia's central provinces. She has a small retail business selling clothing. With her business profit, she looks after her parents. Her parents have been in the retail clothing business since 1995. Since the beginning, she helped in her parents' business.
In 2002, she has started her own retail business by selling various men and women clothing and small household items at the Hasu Shopping Center, one of the largest shopping centers in the town. She currently rents three stalls at the shopping center. She sells products that she brings from Ereen, China, a border town where many cheap Chinese products are exported to Mongolia. She says that becaue her business is the sole family income, she works hard to make her living and look after her parents.
She is requesting a loan to purchase more clothing and small items 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.