Tseelei is 44 years old and lives with her two daughters in a ger, a Mongolian yurt, in Uvs province of Mongolia. Her older daughter gave a birth recently while her younger one goes to a local secondary school. She manages a household goods for kitchen tools trading business in her town. She started her business in 1998. Since then her business was quite successful which allowed her to increase her working capital to 1,500,000 MNT. Now she sells all kinds of household goods that fulfill her customers demand. She is planning to expand her business in the future. She is a polite woman who says, "I want my children to be educated and have better jobs." She is requesting a 2,000,000 MNT loan to purchase kitchen tools from China.
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.