Narantsetseg P. is 52 years old and lives with her husband and son in a ger (a traditional Mongolian housing tent) in Tuv province, Mongolia. Her husband is handicapped, but works as a carpenter and an ironsmith in their town, while her son is a masonry worker for a private construction company in Ulaanbaatar, the capital city of Mongolia.
Narantsetseg operates a sewing business in her town and mainly produces tent covers and some clothing, as well as running a cow farming business. The family feeds 10 cows and milks 6 of them and would like to enlarge their cow farm in the future. Narantsetseg is a modest, hard working and creative woman, who is requesting a 2,000,000 MNT loan to expand her cow farm 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.