Mrs. Givaasuren lives with her son and daughter in a small house in the Chingeltei district in the capital city of Mongolia, Ulaanbaatar. Her daughter, Hannorjin, is 26 years old. Her son, Otgonbayar, is 15 years old. He is a secondary-school student.
Mrs. Givaasuren started her business of producing Mongolian national and buriad shoes and felt slippers in 2010. She sells the shoes at market and her daughter helps. Mrs. Givaasuren makes the Mongolian national and buriad shoes and felt slippers at home. She is planning to build a shop for her business. She is asking for a loan of MNT 700,000 to buy raw 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.