Tungalag, 56, is married and lives with her husband and a son in Uvurhangai province of Mongolia. They live in a ger, a Mongolian nomadic housing tent, on small plot of a land that they own. They have a decent standard of living.
She began her food and consumer goods trading business in 2000. She operates a grocery store where she also sells other goods. She has received six previous loans from our bank and she always pays her loans back on time.
Tungalag wants to expand her business and increase her profit. She is requesting a loan of 2,000,000 MNT to purchase more food and other goods 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.