Munguntsetseg is 41 years old and lives with her husband and two children in the Arkhangai province in Mongolia. She and her family live in a “ger,” which is a traditional Mongolian nomadic tent.
Munguntsetseg started her mobile household goods retail business in 2001, with working capital of 1.000.000 tugrugs. To make a profit, she buys a variety of household goods for wholesale prices, drives across the province and sells them at a retail price. Her husband also operates his own business, but helps her if needed.
As result of Munguntsetseg's hard work and good customer service, her working capital now exceeds 12 million tugrugs. She has purchased a larger Korean truck for her husband's transportation service. Munguntsetseg hopes to expand her business in the future. She is requesting a 1,500,000 tugrugs loan to purchase more household goods, which she can sell at a profit.
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.