Tungalagtuya D., 35, is married and lives with her husband and two children in the Suhbaatar district of Ulaanbaatar, the capital of Mongolia. Now they live in a rented house. Her husband drives a taxi and her older daughter attends a local primary school.
Tungalagtuya graduated from a vocational school as a cook after she finished high school in 1993. She opened a cafeteria at a local transportation center in 2007. Now she operates her cafe at a crowded location and her business has become more stable.
Tungalagtuya is a sociable person who wants to expand her cafeteria. She is requesting a loan of 1,500,000 MNT to replace her kitchen tools and the furniture in her cafe.
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.