Naranchimeg is 48 years old and lives with her daugther in an apartment in the city of Ulaanbaatar, Mongolia. Her daughter is a college student. Her husband was desceased not long ago.
She started her business in 2000 by selling foods at the Narantuul market. Currently, she is an authoized distributor of NaranFoods LLC. Her business is her main income source. She has gained much business experience in her field. She is a hard-working and open-minded woman who says "I want to expand my business activity." She is requesting a 3,000,000 MNT loan to purchase more grocery products and to increase her capital turnover and business activity.
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.