Altantuul, 40, lives with her husband and three children in a ger, a Mongolian yurt, in Ulaanbaatar, Mongolia. Her husband works at a construction site, her two elder children are college students and her younger child goes to kindergarden. She started her grocery retail business in 1999 by renting a counter in the market. Her daily income is 100,000 - 150,000 Mongolian tugriks (MNT). She is well known for her fresh groceries. Now that winter is arriving, she needs to buy a mass amount of vegetables and save them, as during the winter the vegetable prices will increase. She will avoid this problem by saving them. She is therefore requesting a loan of 3,000,000 MNT to buy vegetables.
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.