Jargal is 45 years old and lives with her husband and five children in a ger, a traditional Mongolian yurt, in the Uvs province of Mongolia. Her husband works as a driver at a private company while her older daughter helps with the family business. Her second child, age 20, works at a construction company and her younger two children go to a secondary school.
Jargal manages a clothing-trading business at a rented stall at a trading center. She started her business in 2011. Her stall is located in a very good place, therefore her earning is quite high compared with other salespersons. She plans to have her own stall in the future, so she can save her rent payment. She is a polite woman who says, "I want to have my own working place in the future." She is requesting a 2,300,000 MNT loan to purchase a container 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.