Chimgee is 27 years old and lives with her husband and son in Hovd province, Mongolia in a ger, or traditional nomadic tent. Her husband, Munhbaatar, is currently working in Korea on a three-year labor contract. Chimgee operates a business selling consumer products in a local market. She has been in this business since 2006, and has stable operations and a loyal customer base. Her husband helped her with her business until 2009, when he left to work overseas. Chimgee purchases her products every month or two, and sells them from a shipping container which she owns and which has a capacity of 20 tons. She spends 2,000,000 – 2,500,000 tugrugs (about $1,430 – 1,785 USD) every month to make her purchases, and plans to buy a larger shipping container in the near future. Chimgee is very open and focused on the future. She says, “I would like to continue operating my business until my husband returns." She has applied for a loan of 1,500,000 tugrug (~ $1,125 USD) to buy additional items to sell.
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.