Monhtuya, 33, is married and lives with her husband and two daughters in Bayanhongor Province of Mongolia. They live in a ger (Mongolian nomadic housing tent) which they bought four years ago along with the land. Her husband is her co-worker and sells clothing to the people in the countryside who are not able to reach the market everyday.
They used to live in the countryside herding livestock before they came to the province center. She began her clothing trading business in 2007 by renting an outdoor stall at a local market. Now she rents a kiosk. She began her retail trading operation with working capital of 1,000,000 MNT and was able to increase it up to 4,000,000 MNT. She plans to diversify the variety of the goods and pays attention to its quality as people prefer higher quality products these days. She used to purchase her goods from Erlian, which is a city near the Chinese border. Now she prefers to bring clothing from Beijing, the capital of China, as there is more variety and higher quality clothing there.
She is an open-minded and sociable person who says, "We want to make more profit and build our own house on the land we own now by next year." She is requesting a loan of 2,500,000 MNT to purchase more clothing for her 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.