Oyun N. is a 68-year-old woman who lives with her daughter, son-in-law and two grandchildren in Han-Uul district of Ulaanbaatar, the capital of Mongolia. She and her family live together in a house with a fence. Her daughter works as a glass washer for the APU Company, while her son-in-law is a driver at the local police department. Her grandchildren both are in kindergarten.
Oyun operates a grocery trading business in the city. She started her business in 1998 in a small shop and has since built a stable operation. For the future, she plans to expand her business and open her own grocery store. Oyun is requesting a 1000000 MNT loan to purchase more products in order to expand her product line for her small food shop.
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.