Altangerel is 50 years old and lives with her husband and two kids in a ger (a Mongolian yurt) in Huvsgul province, Mongolia. Her husband is a construction worker and three of her kids live independently. The other two are college students. She has been working as a sewer since 1981. She has been sewing at home since 1990. She is well known around the neighborhood. Her sewing machine is getting old. Therefore, she needs a new one to run a business. She is a sharp and diligent woman who says, "Now that my kids old enough, I need to concentrate to my business". She is requesting 1,500,000 MNT to buy a new sewing machine.
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.