Ganchimeg is 28-years-old and lives with her mother, sister and daughter in an apartment in the Govisumber province of Mongolia. Her mother stays at home with her daughter and her sister works at the gas station.
She operates a clothing sales business. She started her business in 1998 by renting a counter in a local market. Now she owns 2 counters in the market. She has gained a recognition from her clients and customers. She is planning to expand her business in the future and to repair her apartment. She is a hardworking and diligent woman who says, "I have a plan to expand my business by increasing my assets." She is requesting a 3,000,000 MNT loan to buy construction materials to repair her apartment.
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.