Yanjintsevel Y., a widow, lives with her two children in a ger, a traditional Mongolian nomadic housing tent, in Uvurhangai Province in Central Mongolia. Her oldest daughter currently attends university in Mongolia's capital city of Ulaanbaatar, and her younger son attends a local secondary school.
Yanjintsevel operates a bookstore selling a variety of books in her town, a business she started in 2003 that has become very busy over the years. A very kind and generous woman, she is in good health and looks forward to continuing to grow her business in the future. Yanjintsevel is requesting a 2,000,000 MNT loan in order to pay her daughter's tuition and housing fees. She says, " My main goal is to make sure my children can receive a higher education."
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.