Tuvshintungalag is 23 years old and lives with her daughter and husband in a ger, a Mongolian yurt, in Govisumber province of Mongolia. Her husband transports goods in the countryside and also brings goods from China. Her family just moved into a new ger. She started selling clothes after her sister provided her with start-up goods and money in 2009. She sells clothes at Baldanzasag market. Her husband supports and helps her business. She is planning to expand her business. Her family bought a 3.5 million MNT new car which eventually will be a taxi for her husband. She is a diligent woman who says "I want to expand my business and increase my family income with my new car and my business." She is requesting a 3,000,000 MNT loan to purchase spare parts for the car and buy clothes from China.
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.