Naransuren is 52 years old, widowed, and has one daughter who attends school. They live in Uvurhangai province in Central Mongolia. She has been making various types of traditional boots at home. Her production has been improving year by year. Recently, she bought a new sewing machine and other equipment to make the work easier and fast. The customers are always satisfied with the products she is making.
Naransuren is requesting a loan for 1,200,000 MNT, which she will use to purchase materials to make boots. She is a bright woman with lots of plans for the future. She would like to expand her business by getting the materials in large quantities so that she can have more customers, income, and savings.
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.