Solongo, 27 years old, lives with her parents and sister in a ger (a Mongolian yurt) in Selenge province, Mongolia. She started her business selling used shoes in 2006. Solongo handpicks her products. Her shop location is excellent and it is well known around the neighborhood. Now that summer is approaching, Solongo needs to buy summer products. She is requesting a loan of 1,000,000 MNT to buy shoes for the summer. Solongo is a sharp young woman who says, "Since I'm the only one with income in the family, I have to make the best of it in order to support my family."
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.