Narantsetseg P. is a 43-year-old widow who lives with her three children in Hovd province, western Mongolia. She and her family live together in a ger, a traditional Mongolian nomadic tent. Her elder child is a student while the younger two children attend a local middle school.
Her husband passed away recently, in April 2010, and since then, Narantsetseg has been trying her best to provide her children with their necessities. She began her clothing retailing business in 2003 out of a stall in a local market and has been able to increase her family’s earnings. Her business has stabilized over the past years and she has begun to integrate herself into the business community.
Narantsetseg is a modest and hardworking woman who is requesting a 2,000,000 Mongolian tugriks loan in order to purchase a large amount of a variety of clothing and a wide number of household items 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.