Handaa B., 49, is married and lives with her husband in Ulaanbaatar, the capital of Mongolia. She lives with her family in a ger, a Mongolian nomadic housing tent, in her son's backyard.
She started her retail trading by selling candies at a local market in 1999. Now she rents a much bigger stall at the same market and operates her food trading business.
She is one of the regular customers of our bank. Her family has a decent standard of living. Handaa is a very hardworking and active person. Her family members support the idea to get a loan for further development. She says, "I would like to have my own place where I could operate my business constantly."
She is requesting a loan of 3,000,000 MNT to purchase more candy at the wholesale price and to expand her 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.