Chuluuntsetseg C. is a 52-year-old widow who lives with her son in Ulaanbaatar, the capital city of Mongolia. She and her son live in a ger, a traditional Mongolian nomadic home tent. Her son works as an engineer at the Ulaanbaatar Institute. Chuluuntsetseg has a business purchasing vegetables from wholesale traders and selling them in a rented stall in the basement of Gam trade center. In 2005, she started selling a variety of vegetables by renting a stall at the vegetable trading section of Narantuul, the main market in the city, and has gained significant experience in her business. Chuluuntsetseg is requesting a 900,000 MNT loan to purchase and preserve more vegetables for her business in order to increase her working capital.
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.