Byambatsetseg L. is 41 years old and lives with her husband and four children in Tuv province, central of Mongolia, in their own apartment. Her elder daughters are students, while the youngest two children attend a local middle school. Byambatsetseg operates a cosmetic goods trading business at a local trading center in her town with the help of her husband. Her husband also works at a local Inspection Agency as a senior inspector to supplement their income. Byambatsetseg started her business in 2003 and since then, she has quickly grown her business over the past years and has built a strong customer base. Byambatsetseg hopes to build on her experience in the future and says, "I want to expand my business and have my own spa center, as well as manage a retail clothing business." She is requesting a 1,000,000 MNT loan to purchase a car 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.