Oyuntuya A. is a 32-year-old married woman. She lives with her husband and two daughters in a ger, a traditional Mongolian nomadic housing tent and fence, owned by her parents-in-law, in Ulaanbaatar, the capital city of Mongolia. Her oldest daughter, 8, attends an elementary school while her youngest daughter stays at home.
Oyuntuya operates a clothing retail trading business in the local community. She started her private business in 2002 by selling a variety of fancy articles and accessories and has been engaged in her current business since 2010. She has gained many years' experience in her trading business. Oyuntuya is a very open-minded, intelligent and resourceful person. In the future, she wants to expand her business and save money. She says "My husband and I are planning to have our own land for my family from using business earnings." Oyuntuya is requesting a 3,500,000 MNT to expand her business by increasing her product lines in order to attract new customers.
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.