Munhchimeg is a 42-year-old widow who lives with her four children in Bayanhongor province, Mongolia. Her family lives together in a ger (Mongolian nomadic tent) in a rented yard. One of her child receives disability payments from the government.
Currently, Munhchimeg operates a shoe repair business in her town. She has been operating her business since 2003, and she has gained much experience over the past years. Munhchimeg is a very hardworking businesswoman as well as a good mother to her four children and is working hard to create a bright future for her family. She has many plans for the future and says, "I would like to create my own workplace and a plot of land with a house and yard for my family. I would work hard to improve our family's standard of living." She is requesting a 400,000 tugrug loan to purchase necessary materials for her shoe repair 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.