Oyunbat B. is 48 years old and lives with her husband and three children in the Songinohairhan district of Ulaanbaatar, the capital of Mongolia. She and her family have been living in their own house for the last 10 years. Her husband works as a teacher in a local school and Oyunbat operates a bakery where she sells a variety of pastries to people who live in her community. She started her own business in 2009 after working for others for many years. She is a hardworking, smart, very optimistic and hopes to expand her business further. To make this possible, she is applying for a loan for 600,000 MNT to buy more pastries and breads from a large bakery that sells its output to retail operations such as hers.
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.