Narantuya M. is 48 years old and lives with her husband and two children in Arhangai province in central Mongolia. She and her family live in a ger, a traditional Mongolian nomadic housing tent. Her daughter is a university student, while her husband is currently unemployed.
Narantuya manages a consumer goods trade business in her town. She sells a variety of consumer goods and items that are imported from China. Narantyua started her business in 2006 with capital of 600,000 MNT and has built a stable operation. Today, her working capital exceeds 1,300,000 MNT. Her earnings have enabled her to build a house in her yard. For the future, Narantuya hopes to expand her trading business by selling a variety of clothing items. She is requesting a 1,500,000 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.