Mrs. Narangerel is 32 years old. She lives with her husband and three children in a ger (a Mongolian housing tent) in Arhangai province, Mongolia. Her husband, Munhbold, is 32 years old. He is running a business that sells firewood. Her older sons Baasansuren and Munhbold are aged 9 and 7. They are secondary school students. Her younger daughter, Namuun, is 4 years old. She joined a kindergarten.
Mrs. Narangereleg has been selling meat on a rental counter at a food market since 2003. Her business has a net profit 500,000 Mongolian tugriks (MNT) every month. She is experienced and a hardworking person.
She is asking 3,500,000 MNT to buy a car for her business.
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.