Altantsetseg M. is 54 years old and lives with her two children in an apartment in the Bayanzurkh district of Ulaanbaatar, the capital city of Mongolia. Her daughter is currently studying for her master's degree at the Mongolian Science and Technology University and her son drives a taxi in the city.
Altantsetseg operates a women's clothing and lingerie retail business from a stall at a local clothing market. She sells a variety of different clothing items and accessories and her wide product selection attracts many customers. Altantsetseg started her women's clothing business in 2000 selling only general women's clothing items. After finding success and achieving stable business operations, she expanded her product line to include lingerie and clothing accessories. This product expansion has proved to be a very profitable decision. Today, her working capital exceeds 2,700,000 tugrugs and she has daily average profits of 60,000 tugrugs.
Altantsetseg is a very open-minded and sociable woman and is well known by her customers. For the future, she says, "I would like to have another stall to expand my business and increase my sales". She is requesting a 4,000,000 tugrug loan to purchase more women's clothing 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.