Selenge L. is 31 years old and lives with her husband and two children in a ger - a traditional Mongolian nomadic home tent - in the Bayanzurh district of Ulaanbaatar, the capital city of Mongolia. Her oldest daughter attends a secondary school.
Since 2008 Selenge has been operating a underwear, hat and scarf retail business from a stall at Narantuul market, the largest and most important market in the city. Her stall is located near to the main door of the market, which is a very popular and crowded area. She sells a variety of underwear, hats and scarves and her wide selection of products attracts many customers. She imports her products from China once or twice a month. After years of operating this business her earnings have enabled her to start building a house in her yard for her family.
Selenge is a very open-minded and sociable woman and is well known by her customers. About the future she says, "I would like to start another stall from my business profits in the future." She is requesting a 3,000,000 MNT loan to import winter clothing items from Erlian, a border city of 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.