Otgonjargal is 32 years old and lives with her mother and younger brother in the Zavhan province of Mongolia. She and her family live in a ger, a traditional Mongolian nomadic tent. Her younger brother is a fireman for a private company.
Otgonjargol operates a grocery retail business out of a rented stall in her town. She began her business four years ago and, since then, has gained a lot of business experience and customers. She would like to eventually own her own shop so that she can grow her business and customer base.
Otgonjargal is a determined, hardworking young woman who reaches whatever goals she sets for herself. She is requesting a 2,500,000 tugrug loan in order to purchase a large amount of food that she can sell to her customers for their New Year’s preparations.
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.