Tumendemberel D. is a 43 year old single mother who lives with her daughter in Uvurhangai province in central Mongolia. She and her daughter live together in an apartment which was bought with a bank loan and she is still paying off her loan. Her daughter attends a local high school and Tumendemberel operates a clothing business out of a rented stall at the local trading center in her town. She sells a variety of clothes and earns a good profit which is used for her household's consumption. She started her clothes selling business in 2005 and has since built a stable and successful operation. She has found a success with her trade and has established a large loyal clientel over the years. She is working very hard to increase her earnings in order to pay off her apartment loan. Her dream is to provide a good education for her daughter.
She is requesting a 1,500,000 MNT loan to purchase more clothing items at wholesale price for her clothes sales 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.