Tungalag is 44 years old and lives with her husband and daughter in a Mongolian ger (or yurt) in Ulaanbaatar city in Mongolia. Her daughter is 23 years old and studies at the university.
Tungalag operates a used clothing trading business. She started her business in 2004 and gathered tremendous experience in her field. She manages her business on her own and purchases her goods from the wholesale store. She has a stabilized business and is planning to expand her business in the future. She is a diligent and open-minded woman who says, "I want to improve my life and expand my house."
She is requesting a 1,500,000 Mongolian tugriks (MNT) loan to purchase more used clothes.
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.