Ulaanhad L. is a 44-year-old single mother who lives with her two sons in the Songino-Hairhan district of Ulaanbaatar, a capital of Mongolia. They are living in their own house with a fence. Her oldest son works in Korea and her youngest son is a university student.
At first, Ulaanhad operated a grocery-products business in her own grocery store from 2006 to 2009. Since August 2009, she has been selling only all kinds of prepared Korean pasta. She has found success with her business in a short period and her income is a 65,000 Mongolian tugriks (MNT) a day or 380,000 MNT a month.
Ulaanhad is requesting a 1,500,000 MNT loan to provide heat in her workplace.
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.