Bayarmagnai is a 27 years old woman who lives with her daughter, sister and parents in Dornod province in Eastern Mongolia. She has graduated from the college as an English translator. But, there was no opportunity in the town to find a job. Therefore, she started garment retailing business. She orders the products from Germany and the USA through the internet shops based on her English language. The business activity is going well and the customers appreciate the qualified products that she supplies. Bayarmagnai is a diligent woman who says that "I would like to expand the business activity by buying the supplies in large quantities so that I could raise the income." The total amount she is requesting is 3,000,000 MNT to buy garments.
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.