Narantsetseg is 52 years old and lives with her husband and three children in Govi-Altay province, Mongolia. Both of her daughters attend university in Ulaanbaatar, the capital city of Mongolia, and her youngest son is in high school. Her husband is disabled and currently unemployed. Narantsetseg operates a small shoe shop at the local market in her town. She retired from her career in 2007; however, she has worked at the market selling imported goods and operating her current shoe business to supplement her income. Narantsetseg has found success since starting her new business. In 2008, she used her earnings to purchase her own counter at the market. Furthermore, Narantsetseg previously received a 1,000,000 tugrug (~ 705 USD) loan from XacBank, and used the loan funds to effectively expand her business. Narantsetseg is a very open and hardworking person. The most important thing to her is being able to provide for her children's education. She says, “My two daughters will graduate soon and my son plans to enroll in university after high school. I want to ensure that I can financially support them." Narantsetseg hopes to continue to expand her business in the future. She is now making plans to open a small shop from which to sell Korean products next year. She is requesting a 2,000,000 tugrug (~ 1407 USD) loan to increase her working capital and purchase summer sneakers to sell at her counter.
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.