Handmaa is 41 years old and lives with her two children in an apartment in the Govisumber province of Mongolia. She used to work at the blanket factory in South Korea. She started her business by sending blankets to Mongolia from South Korea. She has successfully expanded her business since her arrival. Now she sells home products and goods at the Naran market. She is planning to increase the number and variety of products. This is her first time cooperating with the bank. She is requesting a loan of 2,500,000 Mongolian tugriks (MNT) to buy more goods and expand her business activity.
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.