Narantuya N. is 44 years old. She lives with her husband and five children in the Bayanhongor province of Mongolia. She and her family live in a ger, a traditional Mongolian nomadic home tent, on their own fenced property. Her oldest two children both attend university and her middle child is currently attending a local high school. Her daughter works as a salesperson, with a monthly salary of 90,000 MNT. Her husband works as a load carrier at the local market, with a monthly salary of 150,000 MNT.
Narantuya operates a trading business in her town, selling underwear and socks as well as cellphones. She started her own business in 1999 by purchasing ice creams at wholesale price and reselling as a retailer. After finding success and achieving stable business operations, she expanded her product line to include cell phone sales and phone call services. For the future, she hopes to expand her business and increase her product line.
Narantuya is a talkative and open-minded person. She plans to continue operating her business with stable operation. She is requesting a loan of 1,000,000 MNT to import more underwear and socks from Erlian, a border city to China, for her trade 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.