Gereltuya is 44 years old and lives with her children and husband in a ger (a Mongolian yurt) in the Sansar district of Ulaanbaatar city, Mongolia. Her daughter is a college graduate but currently helps her family's business. Her son is a high school student. Her husband used to work in the military but retired early. Now he stays at home.
Gereltuya earned her certificate in tailoring and fashion design from the Russian training center. She started her business in 2003 by selling clothes with the bank loan of 1,000,000 Mongolian tugriks (MNT). In 2009, she got sick and went to China for medical care. Now she is recovered. Although her business was forgotten for two years, she continued her business successfully by opening two trading places at the local market and another one in Darhan city.
In the future, she plans to expand her business, buy a car and build a house. She is a hardworking and diligent woman who says, "I used to take loans from other places at higher interest rates. Now I can see that XacBank offers me loans with reasonable interest rates and other conditions."
She is requesting a 3,000,000 MNT loan to buy clothes from China and diversify the products for her business. She also mentions that the winter season is coming and people will buy more clothes.
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.