Tserenchimed S. is 40 years old and lives with her husband and daughter in Ulaanbaatar, the capital city of Mongolia in a ger, a traditional nomadic housing tent. Tserenchimed manages a meat retailing business out at Bayanzurh, one of the largest markets in her town, with the help of her husband. She began her business in 2000 and since then, she and her husband have gained much experience and knowledge. Today, their working capital has reached 600,000 MNT. The two have received a lease from Xacbank to purchase a car and eco-fuel, a fuel that is ecologically friendly and its production and use have a minimal impact on the environment. Tserenchimed is a modest woman who wishes to have her own yard and house where the family would live more conveniently than today. Tserenchimed is requesting a 900,000 MNT loan to buy more meat.
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.