Tseveensuren J. is 43 years old and lives with her husband and three daughters in Darhan-Uul province of Mongolia. She and her family live in their own ger, a traditional Mongolian nomadic home tent. Her middle daughter attends university, while her youngest daughter studies at the local high school. Her husband operates a transportation service business to supplement his family income, and her eldest daughter helps out with Tseveensuren's business.
Tseveensuren has been operating a shoes trade business in a stall at the new market since 2001. She provides a variety of shoes to satisfy their customers' needs. She owns a stall in the market where she sells the shoes. After some years of positive growth for her business, she has gained not only a wide range of customers, but also a lot of experience as a businesswoman. Her working capital has exceeded 1,800,000 MNT.
Today, she enjoys a stable operation with the businesses and is focused on opening one more stall for her shoe retail trading business in the near future. Her earnings have enabled her to purchase a new van for her husband. She currently pays her daughter's tuition fees with her earnings as well. She works hard to expand her business. Tseveensuren is requesting a 2,300,000 MNT loan to open one more stall in order to expand 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.