Guljan is 35 years old and lives with her husband and two sons, ages 7 and 8, in a house in the Bayan-Ulgii province of western Mongolia. Her two children both attend a local secondary school and her husband works at a private company in town. Guljan is very busy running two businesses. During the day, she runs a clothing retail business located in a rented stall in the local market and at night she sews household goods like blankets, sheets and pillow cases. She started her retail clothing business in 2006 after working at her friend’s stall for three years. Guljan works hard so that she and her husband can afford their children’s school tuition and so that her children will learn to be self reliant when they get older. She is requesting a 600,000 tugrug (~420 USD) loan to import more clothing from both China and Kazakhstan.
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.