S. Narantsetseg is a 51-year-old woman who lives with her 21-year-old son in the Chingeltei district of Ulaanbaatar, the capital city of Mongolia. She and her son live in a 'ger', a traditional Mongolian nomadic tent, in one of the 'ger' districts on the outskirts of the city. Her son operates a taxi service and dog-breeding service while Narantsetseg operates a sewing and tailoring business. She worked as a tailor in a private company from 1980 until 1995 in Darhan, the second largest city in Mongolia.
She began her own tailoring business in 2000 and currently has 1,000,000 tugrug working capital with monthly sales of approximately 600,000 tugrugs. Her profits are between 250,000 and 300,000 tugrugs per month and she would like to expand her business and grow these profits in the future. She says, "I would like to purchase newer styles of cloth for my business so that I can attract new customers." Narantsetseg is requesting a 1,500,000 tugrug (approx. $1,031 USD) loan in order to purchase fabrics for her business and in order to build a shelter for dogs for her son's 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.