Narangerel is 54 years old and lives with her husband and youngest daughter in a ger, a traditional Mongolian nomadic housing tent, in Sansar area, Ulaanbaatar, capital city of Mongolia. Her older children all live and work on their own.
Narangerel manages a Mongolian traditional clothes-making business in Ulaanbaatar city. She started her business in 2002 with the help of her younger daughter, who is 29 years old. She makes a variety of stylish and colorful Mongolian traditional coats called Deel. Her business becomes quite profitable during national holidays, including Tsagaan sar and Naadam.
Narangerel is planning to operate a knitted clothing business in addition to her traditional clothing business. She is a polite woman who possesses a good personality. She says, "I want my younger daughter to be happy and be married to nice man." Narangerel is requesting a 3,000,000 MNT loan to purchase a sewing machine and some yarn in order to start her knitted clothing 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.