Badamsuren is 33 years old and lives with her two daughters in Hovd province, Mongolia. She and her family live together in a rented house and yard. Her daughters, ages 8 and 6, attend a local secondary school.
Badamsuren has been successfully running a grocery store since 2008. She made a contract to rent the house where she is now living with her two daughters and has operated her grocery store for five years. As the business is the only financial support for her family she has many responsibilities, including finding money to pay for the university fees of her daughters and to expand her business.
Badamsuren is a very hardworking person who is both a good businesswoman and a mother. She says, “Since I started operating my business, I have become a more experienced trader. I would like to purchase this grocery store when the five-year rental period is finished.”
Badamsuren is requesting a 3,000,000 tugrug loan to purchase a large amount of food products and fruit at wholesales prices to resell for a profit.
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.