Tseren J. is 57 years old and lives with her husband and three daughters in Uvs province, Mongolia. She and her family live in an apartment which was purchased as an apartment leasing loan. All three daughters attend university. Her husband has operated a raw material trading business for many years and has built a stable operation over this time. Tseren is a trader, traveling between Russian and Mongolia to sell variety of goods between the countries. After years of hard work for both Tseren and her husband, they were able to increase their working capital for both of their businesses and their earnings have enabled them to buy a new mini truck and apartment for their family. Tseren is a modest woman and is requesting a 3,000,000 MNT loan to purchase more clothing material 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.