Gantuya G. is 61, married and the mother of two children ages 17 and 21. Her family lives in Ulaanbaatar, the capital city of Mongolia. Both her children are university students. Gantuya has been running an underwear stall at Narantuul, the biggest outdoor market in Ulaanbaatar, since 2000. Since then, her working capital has increased from 500,000 tugrugs ($1 USD=1400 MNT) to 2 million tugrugs. With the profits, she has bought a summer house. She also pays her children's tuition every year. Her husband works as a construction worker and contributes to the family's income. She requests a loan to buy more underwear to increase her business inventory. Gantuya says that "if my children are happy and fully content with their lives, I suppose my dream has come true."
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.