Urangerel is 40 years old and lives with her husband and two children in Umnugobi province, Mongolia. Her oldest daughter is in university and the youngest attends a local secondary school. They live in a Mongolian traditional nomadic tent called a “ger”. Urangerel manages a souvenir trading business out of a rented stall in her town. She began her business operation in 2002 after working as a teacher in a kindergarten for several years. She sells a wide variety of souvenir goods made from felt and wool.
She received a loan from XacBank in order to start her business and over the years her business improved and expanded. She usually makes all the souvenir products by herself. With her business earnings she bought a car for her husband so that he could earn money. She has developed a loyal base of customers and works hard to adapt her business to their needs. She is focused on the future and says, "I am selling my products much cheaper compared with other business owners of same business.” She is requesting a 2,000,000 tugrug (~1400 USD) loan to purchase more souvenir products from Ulaanbaatar, the capital city of Mongolia.
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.