Ariunaa D., 40, is a widow and lives with her 13-year-old daughter in an apartment in Uvurhangai province, Mongolia.
Ariunaa operates a men’s and women’s clothing and underwear trading business at a rented counter at a local market. She has been operating her business since 1997, and has steadily expanded her business over the past thirteen years. She purchases her products 1-2 times a month, depending on her product sales. Since she started her business, her family's living conditions have been improving.
Ariunaa has good communication skills and has many plans for the future. She says, “I have a goal to save money from now to be financially able to pay my daughter's university tuition fees after she graduates from high school. In addition, I will work hard and use all of my abilities in order to purchase an apartment in Ulaanbaatar, the capital city of Mongolia, because my daughter will study there in university.”
Ariunaa is requesting a 4,000,000 tugrug loan to purchase a variety of summer clothing from Ereen, a Chinese border town, to sell to her customers.
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.