Erdenechimeg T. is a 50-year-old widowed mother of one. Her only daughter is married and lives on her own. Erdenechimeg lives in Arhanghay, one of the Mongolian central provinces, on the plot of land she owns. She has been running a retail sales business for the last 19 years. As a result of her hard work, she was able to afford a nice wedding for her daughter, a home for her daughter and electronic items for her personal use. In 2007, she started running a dairy products stall at the local market. Her sister and daughter help her with the business when they have free time. Erdenechimeg is a hard-working, open and loyal person who is well respected in the business community. She requested a loan to buy more dairy products to increase her business inventory.
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.