Ulziibayar S. is 37 years old and lives with her husband and two children in the Songinohairhan district of Ulaanbaatar, the largest city and capital of Mongolia. The family lives in an apartment. Her daughter is an elementary school student while her son is only 6 months old. Her husband has helped with her business.
Ulziibayar started her business in 2007, operating a grocery store till 2006, after working in Korea between 2003 and 2006. Currently she manages a successful cafe and bar in a rented space. She rents the cafe and runs it daily by hiring two employees. She pays monthly rental fees of 1,500,000 MNT and monthly salaries of 200,000 MNT per employee. Over the years of running the business, she has built a stable operation. Her average monthly income is around 6,000,000 MNT. In addition, she owns two apartments that are used as rental apartments. She earns 700,000 MNT per month by renting her these two apartments to others. She has used her earnings to support her family. She is planning to buy a new jeep car for her family from her business earnings in the future. She is requesting a 2,000,000 MNT loan to pay customs duty tax for importing a new truck from Korea.
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.