Molortsetseg is a 44-year-old woman who lives with her husband and her three children in a small house in Ger district, which is in the Arkhangai province of Mongolia. Her husband is a teacher in a secondary school. Her eldest son is a college student and her younger children are secondary school students. In 2003, she opened her grocery store in one room of her apartment because the location of her apartment was ideal. It is surrounded by the local kindergarten, schools and other apartment blocks and it is on the first floor of the building. Her grocery store sales reach 200,000MNT per day during the high season. Her working capital is 1,500,000MNT. She is a hard-working and open-minded person who says, "I want to renovate my business place and expand to a bigger grocery store." She is asking 1,800,000MNT to increase her working capital in order to boost her sales and profit.
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.