Bayanjargal D. is a widow who lives with her adult aged daughter in the Huvsgul province of Mongolia. She and her daughter live together in a ger, a traditional Mongolian nomadic tent. Bayanjargal has been operating a clothes making business with the help of her daughter since 2005 and has built a successful and stable operation. She mostly makes a variety of traditional clothes and boots. After many years of operation, she has not only gained much experience but also developed a large customers base. Her earnings have enabled her to help her son who is living separately on his own. In the future, she is planning to produce more different types of clothes such uniforms. She is a modest and hardworking woman and says, “I want to have my own tailoring factory.” Bayanjargal is requesting a 2,000,000 MNT loan in order to purchase a large amount of fabrics, material for her 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.