Tsevelmaa T. is a 36-year-old single mother who lives with her three children in Uvs province, western Mongolia. She started her business in 2005 and since then she has been able to increase her working capital up to 7,000,000 MNT. She is a hard-working and polite woman. She wants to have her own food store and build a new house for her family as well. Tsevelmaa is requesting a 3,000,000 MNT loan to purchase food products in order to increase her revenue.
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.