Gantumur is 37 years old and lives with her three children in Bayanhongor province, Mongolia. She is solely responsible for her family, and she receives government help to support her children. Gantumur started a retailing business with her sister by purchasing products in Ereen, a Chinese border city, in 2008. She has been operating her business independently since June 2008 and the business has been stabilizing. Gantumur has been working hard to expand her business and to increase the variety of products she can offer. She says, “I would like to constantly operate my business and will expand the business.” She is requesting a 765,000 tugrug (~ 538 USD) loan to increase the working capital of 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.