Oyunchimeg is 54 years old and lives with her daughter, son-in-law and niece in Ulaanbaatar, the capital of Mongolia. Her son-in-law works as a bus driver for a company that transports people between Ulaanbaatar and the western provinces, and her daughter is currently unemployed.
Oyunchimeg is a single mom who takes care of her children. She began a clothing trading business in 2010. She sells women's lingerie, hats and scarves in the winter at an outdoor stall where she pays 100,000 MNT a month for rent. Her daily income is about $57 and her monthly profit ranges between $244 and $325. She purchases her clothing once a month from China.
Oyumchimeg wants to rent another stall for her daughter where she can operate a clothing business and have her own income. Oyunchimeg says, "Now I am getting older, and I want my daughter to start a business and have a source of constant income." She is requesting a loan of 2,000,000 MNT to rent one more stall and provide a job for her daughter.
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.