Erdenetsetseg is 33 years old and lives with her children and husband in a ger, a Mongolian yurt, in Ulaanbaatar city in Mongolia. Her husband sells CDs and DVDs and copies keys at the local market. Her son is a high school student.
She started her business in 2000 by selling CDs and DVDs and copying keys at the local market. Her sales go up when the school year starts. Her key copying business brings constant income. She has many years of work experience. She plans to expand her business in the future.
She is a diligent woman who says, "Due to the distance between work and home, we certainly need a car. I will make sure that I pay back my loan on time." She is requesting a 2,500,000 MNT loan to buy a car with 1,500,000 MNT and buy products for resale with the rest of the money.
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.