Batchimeg is 28 years old and lives with her husband and 2-year-old son in Bayanhongor province, Mongolia. She and her husband live together in a ger, a traditional Mongolian nomadic tent. Her husband works as a customer relations staff member at XacBank, a partner of MFI. Batchimeg operates a grocery trading business in their town. She began her business in 2008 and since then she has been able to expand her business to sell larger quantities of food items. Batchimeg wants to keep expanding the amount of products her stall sells so that the number of customers will increase in the future. She says, “My wish is to have my own grocery shop in the future.” Batchimeg is requesting a 2,300,000 tugrug loan to purchase a large amount of groceries to sell in the upcoming winter months.
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.