Uranchimeg, 41, is married and lives with her husband and two children in Bayanhongor province of Mongolia. They live in a house on a small plot of land that they own. Her husband drives a taxi and earns 200,000 MNT monthly. Her younger son attends a local secondary school. They used to live in the countryside until their son grew to school age. They came to live in the city in 2000 and she began operating a retail business of food and groceries. In the beginning, she used to rent a stall at a food market and then she started operating a clothes sales business in 2004. She wants to expand her current business and increase her working capital. She is a hardworking and modest person who says, " I want to expand my business more and try to save money for my children's future studies". She is requesting a loan of 3,000,000 MNT to purchase more clothes from China for her business.
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.