Jargalsaihan, 50, is married and lives with her husband and three children in Bayanhongor province of Mongolia. Her husband works as a carpenter and her two younger daughters attend college. They have a decent standard of living.
They used to live in the countryside and they came to live in the city when they lost all of their livestock because of a natural disaster in 1999. Then Jargalsaihan began selling wooden products made by her husband by renting a container at a local market in 2004. She started selling used shoes in 2010 in addition to the wooden products. Her further wish is to expand her business and increase her working capital in the future.
She is a hardworking and sociable person who says, " We want to finish our house that is being built at the moment. I wish to have my own place where I can operate my business in the future so that I can save money on rent". She is requesting a loan of 2,000,000 MNT to purchase more used shoes and wood materials for her family based 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.