Myagmarsuren C. is 41 years old and lives with her husband in Ulaanbaatar, the capital city of Mongolia. She and her husband live in their own ger, a traditional Mongolian nomadic tent home. Her husband operates a transportation service to supplement his family income.
Myagmarsuren has been operating a retail shoe business in a rented stall at Harhorin trade market in the city since 2004 and has built a stable operation. She works hard to continue running her business. She says, "All I want is to operate this business successfully so that we can afford to buy an apartment in the future."
She is requesting a 2000000 MNT loan to purchase a large quantity of shoes before the winter months. Those goods are rarely available between November and March.
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.