Narmandah L. is 44 years old and a single mother who lives with two adult children in Ulaanbaatar, the capital city of Mongolia. She and her children live in a ger, a traditional Mongolian nomadic tent. Her youngest daughter attends university, while she operates a construction material trade business in a stall at Narantuul, the largest and main market in the city. She has been engaged in this business since 1990, right after the opening of Narantuull market, and has since gained many years of experience. She is planning to expand her business and have her own shop where she can sell her products in the future. She is requesting a 3,000,000 MNT loan 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.