Uranchimeg is 55 years old and lives with her daughter and husband in Ulaanbaatar city, Mongolia. Her husband is retired and stays at home and her daughter is currently unemployed.
Uranchimeg started her business in 1999 by selling sunglasses at the Narantuul market during the spring, summer and fall seasons and window protecting materials in winter. She purchases sunglasses from the wholesalers and sold the sunglasses by retail to customers. Her total business turnover capital is about 1,000,000 MNT and her daily income is between 30,000 MNT to 40,000 MNT. The cost of goods is 60% of the income. She sells a wide range of stylish sunglasses for different ages and tastes. She has already collected much business experience in her field. She is planning to pass down her business to her daughter. Her family supports this family business. She mentioned that she spends lot of money on transportation because her home is located very far from the Narantuul market.
Uranchimeg is a diligent and hard-working woman who says "I want to help my son, who is living separately, to buy a minivan so that I do not have to worry about his life and business." She is requesting a 1,250,000 MNT loan to buy mini-van for her son, who rents that car for the transportation business, and she will spend the rest of money on increasing her turnover capital.
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.