Oyunchimeg N., age 44, lives with her husband and four children in Ulaanbaatar, Mongolia's capital city. She and her family live in a traditional Mongolian housing tent, called a ger, on a small plot of land which they own. Her two daughters are both university students and her youngest son is in middle school. Her oldest son is currently unemployed and helps his parents with the family business.
Since 2005, after moving from the countryside, Oyunchimeg and her husband, who work well together, have been operating a clothing and shoe repair business out of a rented room. She makes and sells a variety of clothing items and her husband repairs shoes.
Oyunchimeg has many plans to expand her business in the future. She plans to purchase another three sewing machines in order to make her business more efficient and keep up with the growing demand.
Oyunchimeg is an open minded and generous woman. “We are trying our best to make more profit by working overtime so we can grow our business,” she says with a smile. She is requesting a 1,400,000 MNT loan to purchase three new sewing machines.
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.