Since her retirement is not enough to cover her living expenses, she has started a small cafeteria/bar with the help of her children. She runs the small fast food cafeteria/bar in the town. It is quite common in Mongolia to have a small cafeteria and bar in the same place. During the mornings and afternoons the restaurant serves cafeteria style food and in the evenings it serves alcohol. Her restaurant/bar is located next to the town's sports center, and is usually full during sporting events.
She requests a loan to purchase ingredients and beverages for her cafeteria/bar business.
About XacBankThis 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.
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Success!! The loan was 100% repaid