Guljazi H. is 38 years old and lives with her husband and five children, in a ger, a traditional Mongolian nomadic tent home, in the Bayan-Ulgiy province of western Mongolia. Her oldest three children, ages 16, 14 and 12, all attend secondary school.
Her husband works as an assistant driver with a monthly salary of 80000 MNT. In 2006, Guljazi worked in a cafe as an assistant cook. Later, she worked as a salesperson in a clothing market for a year. Then, in 2008, she began to operate a retail clothing business in her local community with working capital of 800000 MNT.
Her business has not reached a sustainable level yet. Guljazi hopes to expand her business and also wants to be able to pay for her children to go to university so that they can get a good education. She is requesting a 1500000 MNT loan to import more clothing from China 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.