Algaa B. is 27 years old and currently lives with her husband and two daughters in Arhangai province, one of Mongolia's central provinces. Her oldest daughter is seven years old and a high school student. The youngest daughter is just one year old and her parents take care of her. Algaa sells various food products at the local food market. She rents a small stall at the market and sells food products, including soft drinks, crackers, candies, etc. She has been in the food retail business for the last nine years and has gained significant experience at the local market. Her husband always helps her pick food products from the local wholesale markets. Since the start of her small business in 2000, her business has been expanding; her business capital has increased more than tenfold from 250,000 MNT to 3,000,000 MNT. She says that she dreams of making her small business into a secure and stable business in the future. She requests a loan to purchase more food products for her business.
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.