Mandahtuya is a 49-year-old widow who lives with her children in Hovd province of Mongolia. Her oldest son works in a mining company, while she earns a living by selling groceries. She started her business in 1989 by renting a counter in local market, and now runs a retail business in the same area. She is doing well and is very experienced in her field. She would like to begin selling goods that she gets from China and believes that she can do this because she is a strong and diligent woman whose children are now grown and independent. She is applying for a loan for 2,000,000 MNT to buy more products to sell to her customers.
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.