Tsengel I. is 37 years old and lives with her husband and daughter in Ulaanbaatar, the capital city of Mongolia. She and her family live together in a ger - a traditional Mongolian housing tent.
Tsengel operates a children's day-care business called Tselmeghen. She has been operating her business since 2005. The kindergarten she rents is located in a ger district so she is able to get subsidized from the Government of Mongolia.
Tsengel is a hardworking and modest person who says, “I would like to create my own kindergarten by successfully operating my business.” Tsengel is requesting a 3,000,000 MNT loan to purchase construction materials in order to complete a new kindergarten building.
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.