Urangerel B. is 35 years old and lives with her husband and three teenage children in Ulaanbaatar, the capital city of Mongolia. Her three sons are 10, 14 and 15 years old. All the boys go to a local secondary school. Urangerel sells basic food products in a small stall that she rents at the Burd shopping market, one of the large outdoor markets in Ulaanbaatar. Her husband also helps in her business whenever she needs a hand. Besides helping her, her husband works as a taxi driver. Urangerel sells various bakery products including cakes, cookies, etc. She hopes to expand her business by adding more variety of baked goods in her list of products. She requests a loan to purchase more bakery 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.