Amarbayasgalan, 61, is married and lives with her husband and two children in Arhangai province, Mongolia. They live in their own house on a small plot of land that they own. They have a decent standard of living. Her husband co-works with her and her two children attend a college.
Amarbayasgalan began selling groceries and vegetables out of a stall in 1995. She started her retail trading business with a working capital of 50,000 MNT and her current working capital exceeds 410,000 MNT. She supplies vegetables, by custom orders, to cafes and restaurants. She became one of the reliable customers of our bank since 2000. She is a hardworking person who says, "I try to purchase and sell fresh and high quality vegetables." She is requesting a loan of 3,000,000 MNT to purchase more vegetables for 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.