D. Gunjilmaa is 41 years old and lives with her husband and three children in Ulaanbaatar, the capital city of Mongolia. In 2000, she moved her family to the city in the hope of finding better opportunities and improving their life. In her previous home of Govisumber province in southeastern Mongolia, Gunjilmaa worked as a salesperson at a local grocery store. Upon settling in Ulaanbaatar, she and her husband started a clothes selling business out of a stall at Narantuul, the largest outdoor market in the city. Since then, their business has grown steadily and they have used their profits to open a second stall at the market. Today, their business has capital that exceeds 1.5 million tugrugs (approx. $1,036 USD) and operates with a profit margin of 30-40%. In the future, Gunjilmaa hopes to provide her children, who all currently attend secondary school, with a quality education. She dreams that they will become well educated and important people for Mongolia. She is requesting a 2million tugrug (approx. $1,381 USD) loan to purchase more clothing goods to sell as her busy season is fast approaching.
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.