Amgalan C. is 46 years old and lives with her four children in Ulaanbaatar, the capital city of Mongolia in an apartment. Her oldest daughter is helping with Amgalan's business after graduating from university. Her two children both attend university and her youngest daughter studies at the local high school. She used to work as a teacher in several schools after graduating from university as a drafting teacher in 1983. Amgalan currently operates a souvenir products trading business in a rented stall in the local trade center. She started the business in 2005 and has built a stable and successful operation. She sells a variety of handmade products such as bags, rings, belts and bracelets that she produces. After years of owing this business, she has gained many skills as a craftswoman. She is requesting a 3,700,000 MNT loan to purchase a computer and its parts in order to prepare drawings that are used in school drafting classes.
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.