Gunjilmaa O. is 31 years old and lives with her parents in Ulaanbaatar, the capital city of Mongolia in a ger- a traditional nomadic housing tent. Gunjilmaa operates a clothing trading business out of a rented stall at the local market called Han Talst. Her parents are retired and stay at home. She started her business in 2008 and has found success in her trade. She has used her earnings to support her family. After trading a variety of clothing, she has decided to expand her sales types by selling bags and hats, which would enable her to increase her business revenues. She is a modest person and, in the future, Gunjilmaa hopes to continue her success and to grow her business. She is working hard and trying her best to repair the house that her family lives in together. This would help her parents live more comfortably than previously. Gunjilmaa is requesting a 1,000,000 MNT loan to import more clothes from China 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.