Solongo D. is 35 years old and lives with her husband and three children in Ulaanbaatar, the capital city of Mongolia. Her family lives together in their own ger, a traditional Mongolian housing tent. Her elder two sons attend a secondary school, while her infant son stays at home. Her husband helps out with the business and also works as an electrician to supplement the family's income.
Solongo operates a grocery shop with the help of her mother and husband. She sells a variety of foodstuffs through her grocery shop. Solongo has been in this business since 2005 and has built a stable operation. For the future, Solongo hopes to continue to expand her business and save money in order to obtain assets for her children. She is very hardworking. She is requesting a 3,000,000 tugrik (MNT) loan to purchase more supplies and food items for her store in order to increase her working capital.
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.