Enhtuul Y. is 38 years old and lives in a small house in the Narantuul district of Ulaanbaatar, the capital city of Mongolia. She is divorced from her husband and lives with her only daughter and younger sister who are both students. Enhtuul operates a tailoring business out of her home. She has been working on her own since 2000 after gaining experience working in her sister's clothing factory for several years. She makes tailored clothes according to her customers' requests in addition to the original items she produces for sale at the nearby Narantuul market. She has made much progress with her business over the years and has used her earnings to purchase a new sewing machine. In the future, she plans to enlarge her business by expanding the variety and styles of clothes she produces. She hopes to move her business from her home to a permanent work location. She says, “ I hope to move my parents from the countryside so they can live with us in the city.” Enhtuul is requesting a 3,500,000 MNT loan to add another room onto her house as well as build a garage.
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.