Narmandah C. is 45 years old and lives with her husband and their youngest son in Ovorhangai province, one of Mongolia's central provinces. Two of her daughters are college students in Ulaanbaatar, the capital city of Mongolia.
Narmandah sells various secondhand accessories and parts for cars, trucks and motorcycles. She started the car accessories business with her husband when the first-ever black market for secondhand car accessories and parts opened in the town in the early 1990s. As many locals get rich enough to afford to buy cars, the market for car accessories and parts took off. While she sells the car products at the local market, her husband travels to Ulaanbaatar one to three times a month and brings back supplies for her business.
Narmandah’s business is the main source of income for the family. She says that she works hard with her husband to make sure that they are able to continue to support her children's education. She requests a loan to purchase more car spare parts and accessories for her business.
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.