Munhzaya, 27, is married and lives with her husband and a daughter in Ulaanbaatar, the capital of Mongolia. They live in a ger, a Mongolian nomadic housing tent, in her father's backyard. Her husband operates a taxi service and her daughter goes to kindergarten.
Munhzaya began operating a food trading stall in 2010. She started her business with a loan of 800,000 MNT. Her business runs well but the loan interest was too high and she had to pay most of her income toward the interest. Her husband earns good money from his taxi service and helps her operate her business, and their combined family income is enough to support their family needs.
Munhzaya has gained enough experience to expand her business. She has finished paying her loan back but her current working capital is not enough to continue her business. She is a hardworking and polite person who says, "I would like to save money for my daughter's further education and to be able to give her a good education". She is requesting a loan of 500,000 MNT to purchase more food in her business in order to increase her working capital.
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.