Naranjargal A. is 36 years old and lives with her husband and two children in Tuv province of central Mongolia. She lives together with her family in a ger, which is a traditional Mongolian nomadic housing tent, in her parents' yard. Her daughter, Uranchimeg, studies at high school in Ulaanbaatar, Mongolia's capital city, while her son, Temuujin, attends a local kindergarten.
Naranjargal manages a shoe-making business in her town with help of her husband. She graduated Mongolian National University as a teacher. She started her business in 1997 and has built a sustainable operation. Her family's standard of living has improved greatly after operating the shoe-making business. Over the years of successful operation, her business has grown fast and she owns all the tools and equipment which are used in making shoes.
She and her husband work together, and plus she hired one worker. For the future, they plan to expand their business by increasing production capacity and to have their own shoe shop. She says "I work very hard to expand my business and also I teach my shoe-making skills to two handicapped children. In the future, I plan to establish a big shoe-making factory and open my own shop."
She is requesting a 3,000,000 MNT loan to purchase a large amount of materials used in making traditional shoes.
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.