Tungalag B. is 30 years old and lives with her husband and three children in Central province, Mongolia. She and her family live in a ger, which is a traditional Mongolian nomadic housing tent. Her husband works as a doorman in a local secondary school, and earns 200,000 MNT per month.
Tungalag operates a shoe trading business at a rented stall in her town market. She started her business in early 2010, specializing in shoes and boots retailing. She has made progress with her business for such a short period of time, and has found much success. Today her earnings are stable and her husband continues to help with her business as well. Tungalag is focused on the future and is working hard to keep up with her fast growing customer base. She is a hard working and modest woman, who is requesting a 3,000,000 MNT loan to purchase more shoes and boots at wholesale prices and resell at retail 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.