Altantsetseg is a 53 year-old widow who lives and works in Ulaanbaatar. She lives with her two children and a grand-daughter, and is also raising her two nephews. Her brother died in 2007 and Altantsetseg took in his children, ages 11 and 13 years.
For the past several years, she has run a little bookstand that she moves from place to place depending where people are. She has sold books at the Naadam field, as well as the children’s park. She also sells at bus stops. Last fall her son Turbat (who is 25) built her a little store from which to sell her books. With a loan, Altantsetseg wants to buy writing instruments, like pens and pencils, so that she can sell them along with the books to make a little more money. Because her husband died several years ago, the family depends on her little shop.
Altantsetseg is a little deaf but that doesn’t affect her in any way. She is a very intelligent and clever person. She lives for those she provides for and her goal in life is to raise them to be good people.
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.