Gantsetseg B. is 31 years old and lives with her husband and two sons in a ger, a traditional Mongolian housing tent, in the Yaarmag of Han-Uul district of UlaanB., the capital city of Mongolia. Her two sons both attend a local secondary school and her husband works as a driver for the "Auto Speed Company". Gantsetseg is self-employed, making a variety of knitted and woven products in her home. She started her business in 2001 with working capital of 100,000 MNT and has built a stable operation. At first, she started her business with only one sewing machine. After many years of hard work, she managed to expand her business and today her working capital exceeds 2,500,000 MNT with 4 sewing machines. For the future, she plans to establish her own knitted clothing factory. She also needs to hire 3 workers for her 3 sewing machines. Gantsetseg is a hardworking and modest person. She is requesting a 2,500,000 MNT loan in order to purchase more fabrics, wool yarns and a knitting machine for producing her woolen clothes.
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.