Naranbadam T. is a single mother with a 3-year-old son. She currently lives in Ovorhangai province, one of Mongolia's central provinces. She holds dual degrees in pedagogy and finance.
Naranbadam currently owns a small convenient store where she mostly retails various food items such as soft-drinks, baked goods, candies, etc. She frequently travels to wholesale markets in Ulaanbaatar, the capital city of Mongolia, and brings back products for her store. While she is travelling, her mother works at the store as a seller.
In the future, Naranbadam would like to expand her store into a decent supermarket, which will introduce more variety of food products for locals. She requests a loan to purchase more inventory for her store from Ulaanbaatar.
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.