Gerelchimeg S. is 43 years old and lives with her husband and two sons in the Huvsgul province of Mongolia. She and her family live in a ger, a traditional Mongolian nomadic tent. Her oldest son, age 22, is a university student and her youngest son, age 17, currently attends a local high school.
Gerelchimeg and her husband operate a raw-materials trading business in a small wooden pavilion. They began the business in 2004 and have gained experience as traders. In the future, Gerelchimeg plans to upgrade her workplace by trading the pavilion for a large container with capacity for 20 tons. Her business earnings have allowed her to pay her son's tuition fees. Gerelchimeg is a modest and hardworking person, who is seeking to increase her working capital. She has requested a 1,500,000 MNT loan for her trading 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.