Pagamjav V. is 39 years old and lives with her husband and five children in Harhorin, the ancient capital city of Mongolian Empire, in Uvurhangai province in central Mongolia. She and her family live together in a ger, a traditional Mongolian nomadic housing tent. Her oldest daughter attends university and her two daughters and two sons all attend a local school. Her husband operates a ger's wood making business and also he drives a taxi between neighboring sub provinces to supplement his family's income.
Pagamjav and her husband have been producing framing for ger's, according to customers' orders, since 1991 and they started to operate a used clothing trading business in their town as well. Over the years, the couple has gained much experience and have built a stable operation. Moreover, they made a motorized land drilling machine and rents it to people daily at 50,000 MNT.
For the future, Pagamjav hopes to grow her businesses further and says, "We are working hard to provide for our children's education." She is requesting a 1,700,000 MNT loan to purchase winter clothes for her second hand clothing sales business as well as to make some exterior construction on her house.
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.