Dongor M. is a 35 year old single mother who lives with her two children in Uvurkhangai province in central Mongolia. She and her family live together in a ger, a traditional Mongolian housing tent, near her mother's home. M. operates a clothing trading business out of a stall at the local trading center in her town. She sells a variety of clothes that are imported from China. M. started her clothes selling business in 2008 after managing a consumer good trading business since 1997. She is working very hard to increase her earnings with the hope of expanding her business in the near future. Her ultimate dream is to one day have her own clothing store. M. is requesting a 4,000,000 tugrug (~2800 USD) loan to import clothes from China to sell.
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.