Hishigjargal R. is 39 year old and lives with her husband and one daughter in the Hentiy province of Mongolia. She and her family live together in a ger, a traditional Mongolian nomadic housing tent. Her husband works as a chairman at the Judicial Decision Execution Agency of the local province. Her daughter attends a local elementary school. She operates a second hand clothes trading business in her town. She started her business in 2010 by renting a small stall in the local market to sell a variety of used clothing that have been imported from Korea. At first, the working capital was 500, 000 MNT and soon grew to over 1 ,500 ,000 MNT. Within a short time, her business has reached at sustainable level and she was able to improve greatly her family's standard of living. Her earnings have enabled her to buy a new car for her family. Today, she focuses on her dream of owning her own house in the future.
She is requesting a 2,000,000 MNT loan to purchase a variety of products in order to increase her product line for her growing store.
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.