D. Narantuya lives with her two children in Uvurkhangai province, the central part of Mongolia. She runs a tea house and it is the main source of income for her family. Before opening the tea house, she prepared meals in her home and sold them, but now she is renting the tea house. Her future wish is to have her own service center with a hotel and a tea house. Narantuya is requesting 800,000 tugrugs (approx. $554 USD) to purchase food products to increase her business inventory.
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.