Sarangerel is 36 years old and lives with her husband in Zavhan province, Mongolia. She and her husband live together in a ger, a traditional Mongolian nomadic tent. Sarangerel operates a tailoring business in her town. She produces a variety of clothing, but specializes in the Mongolian traditional robe (deel) with a range of designs. She started her business in 2003 after she graduated from a tailoring course at a local vocational training center. Her business is well-known in her province and neighboring provinces. Sarangerel started renting her sales counter in 2003 in order to provide service to more customers. When her workload is high she hires another tailor to help with her business. Sarangerel has been planning to expand her business and to hire two more tailors in the future. She sells a deel for 20,000-30,000 MNT and demand for her products is high. Sarangerel is a great businesswoman with a good personality. She is focused on the future and says, “I would like to expand my business and to open my own shop in the future.” She is requesting a 2,000,000 MNT loan to purchase an electric sewing machine and other necessary materials such as silk, fabric, and thread.
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.