Myadagsuren, 44, is married and lives with her husband and two children in Ulaanbaatar, the capital of Mongolia. They live in their own house on a small plot of land that they own. Her husband helps her with the business and her two daughters attend a local school. Myadagsuren began selling foodstuffs out of a rented stall in 2006. Now her business has become more stable and she operates four stalls. She attracts her customers by offering a cheaper price and a better quality service than her competitors. She is going to get an additional stall, as it helps her to make more profit. She is a hardworking and honest person who says, " I want to have my own stalls or a store so that I can save money on rent. My daughters are going to attend a college in a few years and I have to pay their tuition fees." She is requesting a loan of 2,000,000 MNT to purchase more grocery products 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.