Elbegzaya is 47 years old and lives with her daughter in the Chingeltei district of Ulaanbaatar, the capital city of Mongolia. Her daughter is 26 years old and works in the Physics and Technology Institute with a monthly salary of 270,000 tugrugs (about $190).
Elbegzaya manages a consumer goods trading business out of a rented stall in her town. She began her business operation in 2003 after working as a clerk for seven years. She sells a wide variety of consumer and household goods imported from China. At first she sold her goods in the streets, where it is very harsh and uncomfortable. Then, with several years of successful business operation, she was able to rent a stall at the Bumbugur trading center, which is one of the most crowded and popular markets.
Now her working capital is 1,500,000 tugrugs (about $1,050) and she has built a consistent operation over the years. She has developed a loyal base of customers and works hard to adapt her business to their needs. Elbegzaya has used her success to make repairs to her home and improve the quality of life for her family. She is focused on the future and says, "I want to improve the quality of my family life.”
Elbegzaya is requesting a 1,100,000 tugrug loan to purchase more products from China.
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.