Mrs. Uranchimeg is a 45-year-old entrepreneur who lives with her family of 5 in their Ger, which is a traditional nomadic yurt. They live in Uvs Province, Mongolia. Her husband helps her to run the family business of clothing retail in the local market. Her older daughter works at a local company and her younger son and daughter are university and secondary school students, respectively.
Uranchimeg started her business at a rental booth in the local market in 2005. She gained a lot of experience and regular customers over the years. She is a talkative, hardworking, and determined woman who is now requesting a loan of 2,500,000 MNT. She will use this to purchase inventory for mobile sale, to reach a larger number of customers, and to sell at her counter.
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.