Tungalag B., 48, lives with her husband in Ulaanbaatar, the capital city of Mongolia. She and her husband have their own plot of land with a house and yard where they are currently living. They have five sons who are grown up and live separately from them. Her husband, Munhtur, operates a transportation business with a micro-bus which belongs to someone else. He earns 15,000 MNT per day.
Tungalag runs a women's clothing business at Narantuul, the biggest market in Mongolia. She purchases a variety of women's clothing once or twice a month. In addition, she purchases high quality clothing twice a year from Beijing. She has been planning to expand her business and to operate in a big trading center. Tungalag has gained valuable experience in previous years and she would like to purchase her own car in the future. She is requesting a 2,000,000 MNT loan to purchase women's clothing, especially shirts, from Beijing.
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.