Tsagaanhuu is 54 and married with five children. She lives in Uvs province with her family. They live in a ger, Mongolian nomadic housing tent, on a small plot of land that they own. Tsagaanhuu’s three elder children have their own jobs and live in Ulaanbaatar, the capital of Mongolia. Her two younger children live with Tsagaanhuu and her husband and have their own jobs as well.
For the past two years, Tsagaanhuu has been selling souvenirs and stationery. She purchases her goods from Ulaanbaatar. Now, she has inventory of 800,000 MNT and her monthly sales fluctuate up to 1,000,000 MNT with a monthly gross income of between 150,000 to 180,000 MNT. Tsagaanhuu is a polite and hardworking person who says, “I am trying to expand my business and increase my profits in order to help my children to buy an apartment in Ulaanbaatar.”
Tsagaanhuu is requesting a loan of 500,000 MNT to purchase souvenirs and stationery 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.