Mrs. Oyunchimeg is 42 years old and lives with her husband and five children in the Tosontsengel province of Mongolia. Her husband is a herdsman, and her three children go to the secondary school. She moved to Tosontsengel with her family from the countryside in 2007.
She started her own national shoe-making business in 2007. Today, Mrs. Oyunchimeg is well-experienced in making national shoes; local residents appreciate her as a hardworking woman.
She is requesting a 2,000,000 Mongolian tugriks (MNT) loan to purchase raw materials for making shoes. Mrs. Ouynchimeg's goal is to increase her profit and to save the money for her children's education.
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.