Hongor is 42 years old and lives with her husband and four children in a ger, a traditional Mongolian yurt, in the Uvs province of Mongolia. She manages a consumer goods business at a rented stall at a local market where she sells candles, socks, matches, beauty products, toilet paper, and other items. Hongor’s oldest daughter helps with the family business while her younger three children go to a local secondary school. Hongor’s husband is a herder with 100 animals. Since 2005, Hongor has been raising vegetables to supplement her family’s income. She plants a variety of vegetables for daily consumption including potatoes, carrots, and onions, and is able to harvest tons of vegetables annually.
Hongor started her retail business in 2000 and she has gained much experience. She is requesting a loan of 1,000,000 MNT to purchase goods to sell. Hongor is a hardworking woman who says, “I want to have my own store in the future.”
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.