Mrs. Tsagaan is 50 years old and lives with her two sons in their house in Uvurhangai province of Mongolia. Her older son works at a local company and her younger son is a university student.
Tsagaan started her business in 2005 in a rental booth of a local market and has been providing good-quality, tasteful clothing to local residents since then. She purchases her inventory twice a month from Erlian, China. She is well-known for her good service and stylish modern clothing. She is now requesting loan of 2,500,000 MNT to purchase a large quantity of winter clothing to sell at her rental booth.
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.