Gantsetseg O. is 24 years old and lives with her husband, daughter and parents-in-law in Ulaanbaatar, the capital city of Mongolia. She and her family live in a ger – a traditional housing tent.
Three months ago, Gantsetseg began her construction materials business, specializing in selling lights for household use, at Jobi – one of the biggest construction markets in Ulaanbaatar city. Now her daily sales range between 125,000 and 150,000 MNT. Gantsetseg is requesting a 4,000,000 MNT loan to purchase more products in order to increase her business working capital.
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.