Herlentsetseg P. is a 52-year-old widow. She lives alone in her ger, a traditional Mongolian nomadic housing tent in Hentiy province in Mongolia. Her son lives separately from her.
She started sewing clothing in her home in 1994 and since then has found success and moved to a rented space in 2006 where she makes a variety of clothing. After several years of work, her working capital now exceeds $660 and her earnings have enabled her to purchase her own sewing machine.
Her hope is to keep growing her business and to have her own workplace. Herlentsetseg is requesting a 1,000,000 MNT loan to purchase more clothing fabric for her sewing business.
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.