Kulash J. is a 38-year-old single mother with three children. She lives with her children in ger, a traditional Mongolian home tent, in Bayan-Ulgiy province of Mongolia. All her children attend a local school.
Kulash started her own business in 2000 by operating a small grocery shop next to her home. Since 2009, she has been operating a clothing retail business in a rented stall at a local clothing market. She sells a variety of different clothing items and accessories and her wide product selection attracts many young customers. She imports products worth between 300,000 and 400,000 MNT once a month, both from Erlian and Taikeshken, two border cities of China. Her daily average sales are between 60,000 and 100,000 MNT and monthly net profit is around 300,000 to 400,000 MNT.
Kulash is a very honest woman. About the future, she says, "I would like to raise my children to become good people with a good education." She is requesting a 3,000,000 MNT loan to import more clothing items from China for 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.