Mrs. Nurzed is 55 years old and a widow. She lives with her two children in a ger (traditional, round, felt tent) in Uvs province, Mongolia. Her daughter, Altangul, is a 19-year-old university student, and her son, Myagmarsuren, is a 13-year-old secondary school student.
Borrower has been running her small, retail business in the local market, since 2001. She has been raising her children all alone for years. She covers her family's living expenses from her business profit. She is now planning to build their own, small house.
She is requesting a 2,000,000 MNT loan to purchase inventory for her small, retail business in the local market. She is a hard-working, tough and patient woman, who says "I need to save for my son's further study."
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.