Naranchimeg is 34 years old and lives with her husband and three children in a ger, Mongolian yurt, in the Hentii province of Mongolia. Her older son, aged 10, goes to a local secondary school while her second son is in kindergarten. Her husband manages a car wash service with his friend. She conducts a clothing trading business at a rented stall at a trading center. She started her business in 2010 and has gained much experience. She contributes all her earnings to her family's needs.
She is a polite and kind woman who is planning to expand her business in the future. She says, "I want to have a plot of land where I can build a house for my family. I hope my dream will come true some day." She is requesting a 3,400,000 MNT loan to purchase more clothes 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.