Narantsetseg is 30 years old and lives with her husband and son in a ger (or Mongolian yurt) in Ulaanbaatar, the capital of Mongolia. Her husband is a car driver and her son is a kindergarten student. She started her grocery-selling business in 2010 by renting a small shop. Her location is good and her business is stable. Now that the Mongolian holiday season is approaching, she needs to buy more grocery products to meet customer demand. She is a sharp and hardworking woman who is requesting 2,500,000 MNT to buy these groceries. In the future, she would like to have her own grocery store.
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.