Mayagmarsuren Undraa is 40 years old and lives with her husband and three children in Zavkhan province, Mongolia. She and her family live in a ger, or traditional Mongolian tent. Her three children, two sons and a daughter, all attend a local secondary school. Undraa operates a shoe-making business in her town with help from her husband. They specialize in producing many styles of traditional Monglian shoes and work well together, with her husband responsible for making the shoes and she in charge of selling them. The couple has succeeded in expanding their business over the years and are working hard to improve their products. Their earnings have allowed them to greatly improve their quality of life. Undraa says, “We are working hard to save some money for our children.” She is requesting a 2,000,000 tugrug (~$1,400 US) loan to buy shoe leather, glue and other materials used to make shoes.
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.