Bayasgalan is 50 years old and lives with her husband and three kids in a ger (a Mongolian yurt or tent) in Ulaanbaatar city, Mongolia. Her husband is disabled and their three kids are all employed.
She started her cosmetics retailing business in 2002 by renting a counter. Her business is stable. She is well known for her quality and relatively affordable products. In order to run her business successfully, she travels a lot and, therefore, she spends a lot of money on transportation. She is requesting 3,800,000 MNT to buy a car. It will save a lot of money and time to run 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.