Erhembileg D. is 48 years old and lives with her mother, her siblings and her son in Ulaanbaatar, the capital city of Mongolia. She and her family live in their own apartment. Her sibling is a mini-bus driver and operates a transportation service within the city using her micro bus, which was purchased with a loan from XacBank. She and her sibling have hired two more employees for the transportation business.
Erhembileg has been operating a shoe trade business in the Narantuul trade market in the city since 2002. She provides a variety of shoes to satisfy her customers' needs and owns a stall in the market where she sells the products. After some years of positive growth with her business, she has built a stable operation and her working capital has reached a level of 2000000 MNT. She is a very clever and open-minded person and says, " My son will start attending university by next year. Therefore I need to prepare for it."
She is requesting a 2500000 MNT loan to import winter shoes from Erlian, a border city of 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.