Otgonlhagva is 43 years old and lives with her husband and son in Ulaanbaatar, the capital city of Mongolia. Otgonhlagva and her family live in a house and yard belonging to her relatives. Her husband, Boldbaatar, is a driver. Otgonlhagva has a bakery business at Bayanzurh, a local market. She started her business in 2008 with a working capital of 400,000 tugrugs (~ 290 USD), and in only two years her working capital has increased to 500,000 tugrugs (~ 362 USD). With her business earnings she has been providing for her family and saving money. Before moving to Ulaanbaatar Otgonlhagva was a telephone operator in Tov province. Otgonlhagva is a very-hard working person. Her family and business are both important for her and she has tried hard to improve her family's quality of life. Now Otgonlhagva's priority is to purchase her own place to live. Otgonlhagva is requesting a 700,000 tugrug (~ 505 USD) loan to purchase more baked goods and bread as well as to expand the number of products her business is able to offer.
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.