Gantsetseg is a 39-year-old woman who lives with her husband and three children in Selenge province in Northern Mongolia. Two of her children study at the secondary school and the youngest one is three years old. She has been running a garment retail business since 2010. She has been running the business with her husband. They deliver the products with their own van from the border city. But due to the bad roads, the van has been broken and it needs to be replaced. Therefore in order to continue running the business, they need to replace the van. They plan to buy a sedan with the loan and their saved money. Gantsetseg is a smart lady who says. "I would like to expand the business activity by having a sedan so that I and my husband continue the business between the border cities and improve the household". The total amount she is requesting is 3,500,000 MNT to buy a new car.
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.