Oyungerel D. is 43 years old and lives with her husband and two children in Ulaanbaatar, the capital city of Mongolia. She and her family live together in their own ger, a traditional Mongolian nomadic housing tent with a fence. Her son attends a local secondary school while her daughter attends university. Her husband is currently unemployed and Oyungerel operates a grocery store in her community. She began her business in 2007 with a small shop and now her working capital exceeds 1,500,000 tugriks (MNT). Over the years, she has been able to build a stable business. Her daily average income is between 120,000 and 150,000 MNT.
Oyungerel wants to continue growing her business and increasing her product line by selling cell phone parts in the future. She is requesting a 3,000,000 MNT loan in order to increase her working capital.
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.