Tuvshunzaya J. is 35 years old, married and the mother of two. Her family lives in Arhangay, one of the Mongolian central provinces. Her eldest daughter Ariunzaya is a university student, and the youngest one is attending a local elementary school. In 2003, together with her husband Batchuluun 38, she started running a retail business selling men's and women's apparel and religious stuff through her stall and booth. She goes to Ereen city (Ereen is a small Chinese border town where many Mongolians go to purchase cheap goods at wholesale prices to resell them) once or twice every month to buy cheap apparel. Her working capital has increased from 500,000 tugrugs to 3,000,000 tugrugs. Since she started running a retail business, she bought a small house for her household needs, clothing stall and covered stall at the local market. Her hope is to have her own fashion shop in the future. With this loan, she will purchase more apparel from Ereen city to increase her business inventory.
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.