Narantuya is fifty-five years old and lives with her husband and daughter in a ger (Mongolian yurt) in Ulaanbaatar city, Mongolia. Her husband is retired and her daughter is a college student. She started running her grocery shop business in 2008. She's a senior citizen in the neighborhood, therefore, her customers are very pleased to be her customers. Over the years she gained many trusted suppliers and regular customers.
Now that her daughter has started college, she needs to expand her shop in order to support her. She's requesting 3,000,000 MNT to repair her shop and to buy a bigger range of products.
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.