Naranchimeg, 30, is married and lives with her husband and four children in Ulaanbaatar, the capital of Mongolia. They live in a house on a small plot of land that they own on the outskirts of the city. Two of her children go to a local school and the third child goes to a kindergarten.
Her husband works as a miller and Naranchimeg sells beauty products. She began selling cosmetics and stationery in 2006. She rents a stall at a local market and her current inventory is worth 1,000,000 Mongolian tugriks (MNT). She wants to expand her business and increase her working capital. She purchases cosmetics and stationery from China twice a month. She is a hardworking and modest person.
She is requesting a loan of 3,000,000 MNT in order to increase her working capital and purchase more cosmetics 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.