Narangerel B. lives with her husband and three children in the Chingeltei district of Ulaanbaatar, the capital city of Mongolia. Her eldest daughter goes to a university in Ulaanbaatar and her other two children are both high school students.
Narangerel has a small business in retail clothing. She rents a small stall in a local market and retails various women’s and men’s clothes. She mostly purchases clothes that are made in Mongolia, from the wholesale markets in the city. She now would like to expand her business by adding more variety of clothes to her stall. She would like to import cheap clothes from Ereen, China, a border town from where many cheap Chinese products are imported to Mongolia.
Narangerel requests a loan to purchase more clothes from Ereen, China.
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.