Munhgerel is a widow who lives with her four year old daughter in eastern Mongolia. Her daughter goes to kindergarten. Munhgerel started her clothes retailing business in a small shop counter in 2004 and in 2011, she moved it to the biggest market in the town. She buys her supplies from China and trades them at good prices to her customers.
In order to expand her business and raise her income, Munhgerel needs to buy supplies in large quantities from China. She is a clever and diligent woman who says, "I want to expand my business and bring in supplies in large quantities to gain income and improve my life." The total amount she is requesting is 1,500,000 Mongolian tugriks (MNT) for the supplies.
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.