Minjin D. is 40 years old and lives with her husband and two sons in the Bayanhoshuu of Songinohairhan district of Ulaanbaatar, the capital city of Mongolia. She and her family live together in a house and enclosure. Her older son is a college student and her younger son attends a secondary school. Her husband helps with her shoemaking business, which Minjin operates from her home. She has been engaged in this business since 1992 and has gained a lot of experience as a shoemaker. After many years of hard work and a loyal customer base, she has built a stable operation with many permanent customers at the local market. Minjin is requesting a 2,750,000 MNT loan in order to purchase materials and supplies to make a variety of traditional boots.
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.