Enhchimeg, 29, is married and lives with her husband in the Hentii province of Mongolia. They live in a house that they own and have a decent standard of living. Her husband owns and operates a taxi, transporting people between cities and traveling seven or eight times a month.
Enhchimeg began selling clothes in 2008. She operates a rented stall at a local trading center. Her monthly income is between 1,500,000 and 1,800,000 MNT. The trading center where she operates her stall is located on a busy street which is an advantage for her business. Enhchimeg is requesting a loan of 2,500,000 MNT to purchase more clothing for her business. She is a modest and hardworking regular customer of our bank who says, "I would like to carry on this business and expand it since I support my family with the income from this business. I want to increase the amount and variety of goods that I sell."
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.