Nergui O. is 42 years old and lives with her husband and four children in a ger, a traditional Mongolian nomadic tent, in Hovd province in western Mongolia. Her younger two children attend a local middle school while the elder two children help out with their family business. Nergui works in a small underground water well, delivering water to local people.
Her husband has been engaging in ironsmithing for 25 years in his town and has gained much experience in the business. Now he is teaching and instructing his son how to process iron and make quality products.
For the future, Nergui's dream is to buy a large amount of stock in order to increase her business line, and to save money for her youngest children's further education fees and expenses.
Nergui and her husband are both hardworking people. She is requesting a 1,800,000 Mongolian tugriks loan to purchase precious stones, jewelries, gold and silver in order to produce rings, earrings, snuff bottles and horse bridles for their 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.