Oyun-Erdene D. is 24 years old and lives with her husband and son in their own apartment in the Darhan-Uul province in northern Mongolia. She also takes care of her mother and younger brother since her parents are divorced. Her husband works as a chef in a local fast-food restaurant.
Oyun-Erdene started her clothing retailing business in 2003 at a stall outside of Darhan -- the local biggest market -- with the working capital of 1,000,000 Mongolian tugriks (MNT), or about $750. She was able to rent a stall in Darhan Nomin after two years of successful business operation. By this time, her working capital reached 2,000,000 MNT (or about $1,500).
Oyun-Erdene is a very open-minded and sociable woman and is well-known by her customers. For the future, she says, " I am trying my best to afford my younger brother's tuition fee and I would like to have another stall to expand my business and increase my sales."
She is requesting a 4,000,000 MNT loan to import more clothing items for 2,000,000 MNT and a large number of shoes at 2,000,000 MNT from Ereen, a border city of China, 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.