Mrs. Otgon is a 51-year-old widow who lives in a ger in the province of Arkhangai in Mongolia.
She started her business in 2005 by selling secondhand clothes at the local market. Her business activity is normal. She already has gained several years of practical experience. She is planning to operate her business in her own workplace in the near future. So far, her business working capital has reached 800,000 MNT and her business has proved to be profitable over time.
Mrs. Otgon is an open-minded and positive person. She is requesting a 700,000 MNT loan to purchase winter clothing from the capital city and sell it at the local market.
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.