Byambasuren D. is a 32-year-old single parent who lives with her two children in a rented apartment in Ulaanbaatar, the capital city of Mongolia. Both her children attend secondary school. Byambasuren operates a stationary selling business and photo-taking service at a local market in the city. She has been engaged this business since 2007 and has since built a stable operation. Today, her working capital exceeds between 500,000 and 800,000 MNT, and her daily business income has reached 30,000 to 50,000 MNT, with a net profit of 30 to 40 percent. After years of successful operation, Byambasuren has gained a lot of experience and her earnings have enabled her to provide for her family. For the future, she hopes to continue managing her business with sustainable operations. She says, "my goals are to provide higher education for both my children and purchase a fence and house for my family." She is requesting a 1,000,000 MNT loan in order to expand her stationary trading 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.