Lhamdegmed is 51 years old and lives with her children and husband in a ger (a Mongolian yurt) in the Umnugovi province of Mongolia. Her children are both high school students. Her husband is currently unemployed.
Lhamdegmed has a business making traditional Mongolian clothes. She started her business two years ago. She is planning to expand her business and have more customers. She is a diligent and talkative woman who says "I like my business and want to expand it more. At the same time, it brings me a sufficient amount of income." She is requesting a 1,300,000 Tugrik (MNT) loan to buy materials and participate in a trade fair.
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.