Selenge Bayantur is 38 years old and lives with her husband and three children in Govi-Altai province, Mongolia. Two of her children attend a local secondary school located near the home that the family has lived in for seven years. Her husband, Natsagdorj, operates a transportation business while Selenge makes a living selling clothing. She started her business in 2008 with savings of 800,000 MNT and a 1,000,000 MNT loan from our bank. Selenge sells her goods in a rented space, and has working capital of 2,000,000 MNT. She is a hardworking person with great communication skills, and some time in the next year plans to buy a plot of land with a yard for her family. To help make this possible, she has applied for a loan for 1,500,000 MNT to buy more clothing to sell from her shop.
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.