Terbish D. is 61 years old and lives with her husband and son in Ulaanbaatar, the capital of Mongolia. She and her family live together in a ger, a traditional housing tent. Her son operates a second-hand car sales business while her husband is retired but helps with her business.
Terbish runs a stall and sells a variety of clothing and consumer goods at Norjin, one of the biggest markets in Ulaanbaatar city. In 2008, she began her business and after several years of stable earnings, she used her savings to expand her business.
Terbish is a very hardworking and decent person who manages her business as neatly as her bookkeeping. Her daily revenue reaches to 30,000 to 50,000 Mongolian tugriks (MNT) on average. She is very focused on making her business successful as it is the only source of income for her family. She is requesting a 4,000,000 MNT loan to purchase different clothes so she can expand her product line.
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.