Tungalag is 50 years old and lives with her husband in a ger, a Mongolian yurt, in the Tuv province of Mongolia. Her husband is a construction worker in a private company, earning a monthly salary of 300,000 MNT. Tungalag manages a ger item making business in her town. She started her business in 2000, developing a business group that included 5 members. Being a business group helped them to stabilize their business, and they now have a good relationship with their partners and customers. Tungalag used her business earnings to begin constructing a house on her plot of land. She is planning to increase her business sales in order to save some money. Tungalag is a hardworking lady who says, "I want to expand my business." She is requesting a 2,000,000 MNT loan to purchase materials 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.