Tsetsegmaa is 56-year-old widow who lives with her two daughters in a ger, a Mongolian yurt, in Hovd province, Mongolia. Her older daughter is a teacher and her youngest one is a student. She operates a hat trading business out of a rented booth at a trading center. She started her business in 2001. Now she sells a variety of imported hats of all ages. She imports her goods once a month from China. She is very good at picking modern and stylish hats for her business. Therefore her goods are well-known among her customers. She is planning to expand her business in the future. She is a polite woman who says, "I want to buy more hats to increase my business sales." She is requesting a 1,700,000 MNT loan to purchase more inventories.
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.