Naranchimeg D. is 48 years old and lives with her husband and two children in Huvsgul province of Mongolia. She lives with her family in a ger (a traditional Mongolian housing tent). Her two children both attend a local secondary school. Her husband works as a sawyer in the local firewood market.
Naranchimeg operates a grocery out of a stall at the local market. She started her business in 2002 after working at a grocery store as a salesperson between 1985 and 2002. Over the years, she has built a stable and successful business operation. She hopes to expand her business by enlarging her workplace. With this loan, she is planning to increase her product line. Currently, she sells a variety of foodstuffs in her small wooden pavilion. She hopes to improve her workplace by making it a bigger space in the future. Naranchimeg is requesting a 2,000,000 tugrik loan to purchase a large quantity of foodstuffs at wholesale prices to sell back as a retailer and to expand her product line.
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.