Oyunchimeg is 46 years old and lives with her husband in a ger (a Mongolian yurt) in Darhan-uul province, Mongolia. Her husband is a carpenter and her two kids live independently. She started her garment retailing business in 2001 by renting an outdoor counter. Her garments are high quality and affordable.
Now that her children live independently, she has time to expand her business. Oyunchimeg is planning to have her own counter. She's requesting a loan of 2,000,000 MNT to buy summer garments for her business. She is a smart hard-working woman who says, "Now that I finally have time to spare, I want to make the most of it."
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.