Erdenechimeg is a 40-year-old woman who lives with her husband and three children in Ulaanbaatar, Mongolia. Her husband is employed. Her younger children study at the secondary school and college. She started a garment retail business in 2008 at a rent counter. Her business activities are stable now, and she is planning to increase her volume. Erdenechimeg is a hard-working and active woman who says, "I would like to develop my business activities by purchasing garment supplies in large quantities. I have a plan to expand my business." The total amount she is requesting is 1,500,000 MNT to buy garment supplies.
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.