Lhagvasuren is 43 years old and lives with her husband and three children in Harhorin, the ancient capital city of the Mongolian empire in the Uvurhangai province of Mongolia. The family lives together in a ger, a traditional Mongolian nomadic tent. Her oldest son attends university and the younger two children go to high school.
Lhagvasuren and her husband own and operate a retail store located at the central market in their town. Before starting her current business in the spring of 2009, she owned her own used-goods shop which was quite profitable.
Lhagvasuren wants to be able to send all three of her children to university with the profits from her business and enable her family to improve their living conditions. She is requesting a 1,000,000 tugrug loan to purchase more products and supplies for her shop.
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.