Erdenchimeg is 53 years old and lives in Ulaanbaatar with her son. In 2000 the business she worked at went out of business so she started her own in 2001. She sells dairy products at an open market in UB. She makes and sells different Mongolian snacks and food that they make from milk. For now she owns just one stand but would like to make it more. Her husband died many years ago and she lives with her son who is a computer engineer. He would like to get a computer engineer job but can’t right now because he is helping his mom. With a loan Erdenechimeg wants to buy ingredients for her products in bulk so she can have more on hand to sell.
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.