Battsetseg, 49, is a widow living with her three sons in a house in the Baganuur district of Ulaanbaatar, the capital city of Mongolia. She manages a grocery trading business in her town, which she began six months ago. Even within this short period of time, she has been able to manage her store successfully. She is a polite woman who is planning to expand her business. She says, "I want to increase my business sales." She is requesting a 600,000 MNT loan to purchase more goods for her store.
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.