Uranchimeg is 38 years old and lives with her son in the Songino-hairhan district and Ulaanbaatar, the capital city of Mongolia. They live in a ger, the Mongolian traditional nomadic housing tent, in her older sister's backyard. Her son, age 13, attends a local secondary school.
She manages a women's wear trading business in Ulaanbaatar city. She started her business in 2002 and gained much experience. Before her business operation, she used to work as a dressmaker at a private clothing manufacturer for three years. Her business was quite successful which allowed her to build a strong customer base. She is planning to continue her business in the future.
She is an honest woman who says, "I want to expand my business in order to be able to pay my son's education fee."
She is requesting a 500,000 Mongolian tugriks (MNT) loan to purchase more women's clothes and to increase her business sales.
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.