Jargal is a 59-year-old woman who lives with her husband and 3 children in Ulaanbaatar city, Mongolia. Her husband is a retiree. One of the children studies at secondary school. She has been running a construction materials retail business since 2004. She sells them at a local trade center which is the biggest market center in the eastern part of the city. She purchases the supplies from China.
Jargal is a diligent woman who says, "I would like to develop the business by increasing the types of products. I am planning to buy some minor equipment." The total amount she is requesting is 1,000,000 MNT to buy more construction materials.
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.