Chuluunhuu is 44 years old and lives in a ger (Mongolian traditional nomadic housing tent) in Ulaanbaatar city of Mongolia. She manages a shoe trading business in Narantuul market, one of the busiest markets in Ulaanbaatar city. She started her business in 2000. Since then her business has been quite successful which has allowed her to buy a plot of land where she lives now. She attributes her business success to the good location of her rented stall. Now her daily earnings exceed 50,000-70,000 tugriks (MNT). She is planning to increase her collection of shoes in order to increase her business sales. She is a very hardworking woman who pays great attention to performing or completing a task satisfactorily. She says that she wants to build a house on her plot of land. She is requesting a 1,800,000 MNT loan to purchase a variety of shoes 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.