Hongorzul is 34 years old and lives with her husband and son in Uvurhangai Province, Mongolia. She and her family live together in a traditional Mongolian nomadic housing tent called a "ger". They have been living together in their current home for eight years.
Hongorzul and her husband sell motorcycle parts at a local market called Uv-Tehnik (Inheritance-Technics). They sell a variety of Chinese and Russian motorcycle parts, repair equipment, and painting supplies. They purchase their products once or twice a month in Ulaanbaatar, the capital city of Mongolia.
Her working capital now exceeds 2,520,000 tugrugs (~ $1775 USD) and her average monthly sales revenue exceeds 800,000 tugrugs (~ $562 USD). Hongorzul's monthly profit is 215,000 tugrugs (~ $150 USD). She now operates her business in a shipping container that she owns. In the future, she plans to purchase a tire repair center, expand her production line, and increase the quantity of products that she sells.
Hongorzul is a very enthusiastic and hard-working person. She is requesting a 1,000,000 tugrugs (~ $700 USD) loan to purchase tire repair equipment 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.