Tsetsegmaa, 53, is widowed and lives with her two daughters and a niece in Bayanhongor province of Mongolia. They live in a house that they purchased with a loan from the bank in 2010. Her older daughter works for a company as a microbus driver, and her younger daughter works as a translator for the same company.
Tsetsegmaa operated a shoe repair service shop between 1998 and 2007 while she was living in Darhan, the second biggest city in Mongolia. Then she came to Bayanhongor, her hometown, where she currently lives. She started a retail business selling used Korean clothing at a local market. Her working capital was 1,500,000 MNT when she first started her business, and now it exceeds 3,000,000 MNT. With revenues from her business, she bought a kiosk that she currently uses to operate her thrift shop.
She wants to expand her business and diversify the types of goods that she sells. Tsetsegmaa is a hardworking person who says, "I want to finish paying off my home loan in the near future." She is requesting a loan of 3,000,000 MNT to purchase more old clothing to sell at her thrift shop.
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.