Uranchimeg is 39 years old and lives with her husband and three sons in the Khovd province of western Mongolia. She and her family live in a ger, a Mongolian traditional nomadic tent. All three of her sons, aged 16, 14, and 11, attend a local secondary school.
Uranchimeg operates a beauty-product retail business in a rented stall at a local market. She began her business in 2000 and since then, she has stabilized her business operation and gained a lot of experience running a business. She would like to grow her business in the future and expand her customer base. Uranchimeg is requesting a 4,000,000 tugrug loan in order to purchase a large amount and wider variety of beauty products for her growing 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.