Bat-Erdene B. is a 26-year-old single lady. She lives with her parents in the Chingeltei district of Ulaanbaatar, the capital city of Mongolia.
Bat-Erdene graduated from a local technical college in 2006 with a degree in electrical engineering. In spite of her degree in engineering, she started a small convenience store business in early 2008. Her convenience store is located in a busy suburban area of the city; therefore, her business does pretty well.
Bat-Erdene mostly purchases her inventory of food products from Ulaanbaatar's various wholesale markets, where she is able to find the best deals in the city. Some of the food products are delivered by the producers. The selling volume usually peaks during national holidays and in the fall when school starts.
As school starts in September, Bat-Erdene requests a loan to stock up her food inventory in order to get ready for the peak season 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.