Hishigjargal A. is 39 years old and lives with her husband and four children in Ulaanbaatar, the capital city of Mongolia. She and her family live together in a ger, a traditional Mongolian nomadic tent (also known as a "yurt"). Her oldest daughter is a student in the Mongolian National University, her younger two daughters attend high school and her youngest son is in kindergarten.
Since 2004, she has been operating a watch repair shop and selling religious items in the Han Talst trade center. After many years of running this business, she has gained significant experience as a businesswoman and has built a stable operation. Today, her working capital exceeds 800,000 MNT and her daily sales income has reached 40,000 MNT.
Hishigjargal is a very clever woman and says, "All I want is to provide a good education for my children."
She is requesting a 1,000,000 MNT loan in order to increase her working capital 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.