Ganchimeg T. is 38 years old and lives with her husband and two children in Hentii province in Mongolia. She and her family live together in their own ger, a traditional Mongolian nomadic housing tent. Both of her two daughters attend a local school.
Ganchimeg operates a second hand goods trading business. She began her business in 2008 with a working capital of 400,000 MNT by purchasing a variety of second hand clothes from Ulaanbaatar, the capital city of Mongolia, which she sold in a rented outdoor stall at the Undurhaan, one of the main trade centers in the province.
Over the past two years, Ganchimeg has managed to increase her working capital to a level exceeding 1,400,000 MNT today. For the future, she plans to expand her business by increasing her working capital. She is a talkative and hardworking woman and is requesting a 700,000 MNT loan in order to purchase more clothing for her second hand goods trading 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.