Ms. Unurtsetseg L. worked for the “Gobi News” newspaper starting in 1983. After that, she started to rent a place selling fruit and vegetables on the local "black" market, which cost her MNT 20,000 a month (around 15 USD), and she invested MNT 400,000 in capital to buy goods.
At the time she started her own business, all 8 members of her family lived in a 20-square-meter "ger" (the traditional Mongolian nomadic housing), the smallest size. Her first loan amount of MNT 200,000 was disbursed in 2003 from XacBank. Since then, she has taken 16 more loans, with no problem with a repayment delay in that entire time.
Unurtsetseg goes to the capital city of Ulaanbaatar every month to buy fruit and vegetables for her business. Her daily income from sales is now MNT 60,000-120,000. Mr. Munhuu, who is Unurtsetseg’s husband, plants several types of vegetables. They built a vegetable storage structure in their yard with 4-5 tons of capacity for their homegrown vegetables. As her business is expanding, her family life is improving year by year. The family was able to buy a big new "ger", and they were also able to buy all-new furniture. She plans to make her garden bigger so she can plant even more vegetables.
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.