Terbish D. lives with her husband and son in Ulaanbaatar, the capital city of Mongolia. Her son is 23 years old and attends a local university. Her husband is ill and stays at home. Terbish runs a small retail business selling women's apparel. She buys low-cost yet decent women’s clothing in Ereen, a Chinese border town where many products are imported, and sells them at the stall that she rents in the Narantuul market, the largest open market in Ulaanbaatar.
For the last two years, she has been traveling to Ereen, China once a month to buy clothes. When she leaves for Ereen, her cousin helps at the stall. In the future, she hopes to have her own shop where she will be able to sell her products, instead of renting a stall. She is applying for this loan to buy more women's clothing in China.
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.