Tsegmed S. is 57 years old and lives with her son in the Bayanhoshuu of Songinohairhan district of Ulaanbaatar, the capital city of Mongolia. She and her family live in a ger, a traditional Mongolian nomadic housing tent and enclosure. Her son, age 36, works for the water cleaning company while Tsegmed owns and operates a clothing production business in her home. She has been working as a seamstress for 20 years and started her own business in 2004 based on her many years of experience. For the future, she plans to expand her production so that she can buy a shoemaking machine which will enable her to start another business. She is requesting an 3,000,000 MNT loan to purchase more fabrics and materials in order to make a variety of evening dresses for the upcoming New Year's 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.