Narantuya is 37 years old and lives with her 12-year-old son and four orphaned siblings in a house in Darhan-Uul province, Mongolia. She and her family live in a "ger", a traditional Mongolian nomadic tent. Her son is a secondary school student.
Narantuya operates a grocery trading booth in her town. She started her business in 1996 and has steadily grown it over the years. For the first few years, she used to operate a mobile consumer goods business. Then, as her business succeeded, she managed to rent a booth at a local market to operate her business. With her business earnings, she has been able to help her four siblings to study and lead their lives for themselves. Next year, she is planning to have her own grocery shop in her town. Narantuya is working hard to grow her business further and improve her family's quality of life. She is requesting a 3,700,000 MNT loan to purchase more grocery products for her 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.