Munguntsetseg D. is 49 years old and lives with her husband and three children in Hentiy province, Mongolia. She and her family live together in a 'ger', a traditional Mongolian nomadic housing tent. Her oldest son lives and works in the Czech Republic while her middle daughter works as a doctor in a hospital. Her younger son attends university and her husband is currently unemployed.
Munguntsetseg operates a construction supplies business in a rented space at the local market. She has been engaged this business for past 10 years. Since then, not only has she built up a stable and successful operation but she has also gained a wide customer base as well as much experience over the years. Her daily average income is between 50,000 and 60,000 MNT and it reaches up to 100,000-120,000 MNT during peak season.
In addition, she is beginning to operate a grocery store in a rented space in the 'ger' district and earns a daily average income of 150,000-200,000 MNT to supplement her income. She is planning to expand her grocery business and build a sustainable operation. She is a very honest and hardworking person and says "I have been working all my life. Time can not wait for us therefore I must to work hard all the time. My dream is to have my own grocery shop in the future. " She is requesting a 2,900,000 MNT loan to purchase more inventory for her grocery shop.
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.