Horloo S. is 60 years old and lives with her husband and adult daughter in a ger, a traditional Mongolian nomadic tent home with a fence, in Yaarmag, in the Han-Uul district of Ulaanbaatar, the capital city of Mongolia. Her daughter attends the university and her husband is retired after working for the Mongolian military.
Horloo operates a recycling business. She purchases a variety of secondary raw materials at her shop and sells those materials to the processing companies for a profit.
With the help of her siblings, she will use this loan to start another business of coal and firewood trading to supplement her earnings. She is requesting a 500,000 MNT loan in order to start her new business in the future.
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.