Otgonhishig is 46 years old and lives with her husband and daughter in Hentii province, Mongolia. She and her family live together in a ger, the Mongolian nomadic tent. Her husband, Adiya, is a government worker earning a salary of 400,000 tugrugs (~ 282 USD) per month. During the day, Otgonhishig operates a baked goods and clothing trading business in her province. She started baking in 2002, and operates her baking business seasonally. Otgonhishig produces and sells special baked goods for the Mongolian Lunar New Year celebration, and pastries. In addition, she has been operating a clothing trading business since 2008, and currently her daily revenue averages 35,000 – 45,000 tugrugs (~ 30 USD). Otgonhishig has gained much experience in previous years and has been planning to expand her clothing trading business and to leave the business to her daughter. She is a very hard working person and has many plans for the future. Otgonhishig says, “Even though big bakery workshops have opened in my home province, I have not lost my loyal customers and I am very happy about that.” She is requesting a 1,500,000-tugrug loan to purchase more inventory for her clothing trading 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.