Tsetsgee is a 58-year-old woman who lives with her two daughters and her grandchildren in their own house in the Songinohairhan district of Ulaanbaatar, the capital city of Mongolia. Her grandchildren stay home and her two daughters, age 25 and 30, help with the family business.
She operates a knitwear business in her town. She started her business in 2005 at her home. She knits collections of clothes such as skirts, hats and dresses using threads made of wool. She purchases her threads from Goyo and Gobi Company, which are the biggest knitwear manufacturing companies in Mongolia. Now she produces two to three pieces of products per day and her monthly net profit is 500,000 Mongolian tugriks (MNT).
Her older daughter worked as a knitter at Goyo Company for 10 years. So Tsetsgee never had worries about her business operation. She has a very experienced and trusted partner. She is a diligent and polite woman who is planning to have her own factory in the future. She is requesting a loan of 3,000,000 MNT to purchase a wide variety of threads.
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.