Otgonjargal L. is 32 years old and lives with her husband in Baganuur, one of the remote districts of Ulaanbaatar, the capital city of Mongolia. The couple lives in an apartment. Otgonjargal's husband works as a guard in a health resort. Otgonjargal has been operating a clothes trading business from a stall in her area. She provides a variety of women's clothes and consumer goods to satisfy her customer's needs. Otgonjargal is focused on expanding her retail business and purchasing a house for her family in the future. She is requesting a 1,000,000 MNT loan to purchase more products to sell.
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.