Naranhuu is 37 years old and lives with her husband and three children in Ulaanbaatar, the capital city of Mongolia. She and her family live together in a house which they own. Her husband, Baatarsuren, is a government employee with a monthly salary of 300,000 tugrugs (~ 211 USD). Currently, Naranhuu operates a clothing trading business at a Narantuul, one of the biggest market in Mongolia. She sells a variety of clothing, especially women's clothing. She has been operating her business since 2005, and has built her business to a consistent level and attributes its success to her strong selling and communication skills. Today, her working capital exceeds 3,500,000 tugrugs (~ 2112 USD), and her daily revenue is 50,000 – 100,000 tugrugs (~ 35 – 70 USD).
With her business profit, she purchased a car and built a house for her family. She is a very hard working person and Naranhuu has been planning to open her own clothing shop in the future. She says, “I would like to be financially available for my three children's education.” She is requesting a 3,500,000 tugrug (~ 2465 USD) loan to purchase more women's clothing, from China, for 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.