Sarantuya D. is a 43 year old married mother of one son. Her son, Luvsandondog, attends the local elementary school. Since 2002, Sarantuya has run a clothing stall at the local market with her husband Lhagvasuren. When she started her business, she rented a stall. After a few years of hard work, she bought the stall she was renting.
They are planning to buy a condominium in next few months with the profits from their business. Sarantuya goes to Ereen, a city on the border with China, once a month to purchase a variety of apparel for men and women. She requests a loan to purchase spring clothing to increase her sales.
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.