Gulibada R. is 42 years old and lives with her four children in the Bayan-Ulgiy province of Western Mongolia. She and her family live together in a ger, a traditional Mongolian nomadic tent. Her younger child attends a local middle school, and the elder two children are students. Gulibada operates a needlework business where she sews many different household products. She started her business in 2004 after she had worked as a quality examiner for a local wool manufacturer until she became redundant. Since Gulibada has started her own business, her quality of life has been improved noticeably. She says, “My goal is to expand my business and create workplaces for my children so I can help them improve their own lives.” Gulibada is requesting a 600,000 MNT loan in order to import needlework materials from nearby Tashkent, a border city of China.
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.