Munkhsaikhan is a 37-year-old mother of three. She, her husband and three daughters all work together out of their small shack, sewing and selling shoes. The shoes they sell are good winter shoes. They have been working together as a family since 1994. On average they make a profit of 9-10,000 Tugrug on each shoe. They sell most of their shoes in the winter when the market is very good. With the help of a loan, they want to be able to buy more material in the summer so they can have more shoes to sell in the winter when the market is best. Her husband, Chuluunbat, does the main sewing but the whole family helps. Their daughters are 14, 10, and 5 years old. They have recently been using their profits to improve and fix up their little home and have also now hired an employee. Most important to Munkhsaikhan is that her daughters all grow up to be well educated and wise, good girls.
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.