Tungalag B., 51, is married and lives with her husband and three children in the Tuv province of Mongolia. They live in a ger, a Mongolian nomadic housing tent, on a small plot of land that they own.
Her husband is self-employed. Her eldest son is in the army and her second son works for a transportation company, while her youngest, a daughter, attends a local secondary school.
Tungalag began operating her own business in 2000. She makes horsehair ropes and belts, which are used for gers. In the beginning, she sold her products at an outdoor market. Now her business has become more stable and she gets enough custom orders for her products.
She has recently bought some equipment that increased her production. She is a hardworking person. She says, " I would like to get some more necessary tools so that I can increase my job efficiency."
She is requesting a loan of 1,300,000 MNT to buy a machine for processing horsehair for making ropes and belts.
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.