Tsevel L. is 66 years old and lives with her husband and 19-year-old daughter in Zuunmod town in Tuv province, Mongolia. She and her family live together in a ger, a traditional Mongolian nomadic tent. Her daughter, Bayantuul, has already graduated from her university and is operating her own business. Tsevel is a retired lady who operates a grocery retail business out of a small booth at a local market in her town. She began her business in 1998 after retiring from her previous work. She works hard to provide for her family and wants to be able to continue to conduct her business in the future. Tsevel is requesting a 2,000,000-tugrug loan to purchase different kinds of products 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.