Munhtuya S., 40, lives with her husband and their 20-year-old son in the Songinohairhan district of Ulaanbaatar, the capital city of Mongolia. She runs a grocery store and movie rental service. She has been operating her store since 2003, when Munhtuya and her family built the store on their plot of land. Over the past seven years, she has successfully expanded her original grocery business, while also starting a movie rental service for extra income. Between 1996 and 2003, Munhtuya operated a vegetable trading business at the Huchir Shonhor market.
Munhtuya is a very hardworking person who has a great business mind. She has gained significant experience in her years as a trader. Munhtuya is focused on the future and says, “My goal is to expand my grocery store into a general store. In addition, I have been planning to build a workplace near the grocery store to rent out to other businesses.” She is requesting a 4,000,000 MNT loan to expand her grocery store and purchase inventory 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.