Bina is 67 years old and lives with her husband and a son in Govisumber province in Southern Mongolia. Her husband is a retiree. Her son works as a guard. She has been retailing dairy products for 10 years in the big market of the town. She is experienced in the field and already has many regular customers and suppliers. While saving for the future, she is expanding the business little by little. Even though she is older, she still wants to continue the business. Bina is a clever woman who says, "I would like to expand the business activities by getting the necessary refrigerator to save more products in it so that I could get the supplies in large quantities." The total amount she is requesting is 2,000,000 MNT to purchase a big refrigerator to store her products.
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.