Byambahuu T. is 54 years old and lives with her husband and and daughter in their own house and fence in Ulaanbaatar, the capital city of Mongolia. Her older two children both live on their own while her youngest daughter attends university.
Byambahuu sells women’s handbags in the largest Ulaanbaatar market, Narantuul. She began her business in 1995 and since has built a stable and successful operation. Most of her siblings and relatives have also operated a variety of bag-selling business. She purchases bags from China.
Today her working capital is 2,500,000 MNT and her daily average sales income is between 50,000 and 80,000 MNT. Byambahuu is a clever and hard-working businesswoman and says, " Now I am planning to buy a car for my daughter." She is requesting a 1,000,000 MNT loan in order to purchase more quality and well designed leather handbags from Beijing, the capital city of China.
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.