Uzmee T. is a widow and lives with her 9-year-old son in Ulaanbaatar, the capital city of Mongolia. Her son goes to a local high school. In 1997, she decided to move to Ulaanbaatar from Gobi-Altai, one of the least populated provinces in Mongolia. As soon as she came to the capital city, she started a small retail business selling handbags and suitcases. She rented a small stall in the Narantuul market, the largest outdoor market in Ulaanbaatar, and started selling handbags and suitcases. She frequently travels to Ereen, a Chinese border town where many products are imported from, and purchases products to sell at her stall. Her dream is to afford to send her only son to a good university. She would like to make sure that her son receives a better education than she was able to have. She requests a loan to purchase more summer season handbags for women as the season approaches.
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.