Myangantsetseg B. is a 26 years old young lady who lives with her mother and sister in Arhangai province in central Mongolia. She and her family live in a ger, a traditional Mongolian nomadic housing tent. Her sister is a university student.
Myangantsetseg manages a clothing trade business out of a rented stall at the local trade center in her town. She sells a variety of jeans. She started her clothing business in 2007 and has built a stable operation. Today, her working capital exceeds 2,500,000 MNT. For the future, she hopes to continue to grow her business and have her own shop. Myangantsetseg is a hardworking and open minded person and says, "I want to sell latest design clothes for my customers." She is requesting a 2,000,000 MNT loan to purchase evening dresses in to sell during the upcoming holiday.
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.