Tsendsuren T. is a single woman who lives in Arkhangai province in central Mongolia. She has been living for the last three years with her brother in a ger (Mongolian nomadic tent) in a yard she owns. Tsendsuren operates a small retail trade selling religious items in her town. She first gained experience working as a salesperson at her sister's store before going out on her own. Tsendsuren started her business in 2003 with capital of 300,000 tugrugs. She has built her business to a stable level and attributes its success to her strong selling and communication skills. Today, her business capital exceeds 900,000 tugrugs. Tseendsuren's dreams of one day opening a big store in her town and said: “I work with the aim to help my brother so that he receives a good education and has a good life like other people do”. She is requesting a 1,500,000 tugrug (approx. $1040 USD) loan to purchase more religious 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.