Otgonchimeg D. is 40 years old and lives with her husband and three children in Hovd province, western Mongolia. All of her children attend a local middle school, while her husband operates a truck transportation business in their town. The family has been living in Hovd province for 13 years now.
Otgonchimeg operates a clothing retail business out of her own movable stand at the local market. She started her business in 2005 and has found success in her trade. She has used her earnings to support her family and purchase a car and the stand in where she sells her clothing. In the future Otgonchimeg hopes to continue her success and grow her business line. She is requesting a 3,000,000 MNT loan to purchase more clothes for her 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.