Lhagvadulam is a 36-year-old woman who lives with her husband and a son in Ulaanbaatar city, Mongolia. She makes beautiful traditional clothes and sells them at the biggest market center of the city. So far, she has been running the business at home. But as it grows bigger, she is planning to build a workplace and employ workers.
Lhagvadulam is a diligent woman who says, "I would like to develop the business activity by purchasing a new sewing machine and renting a workplace." The total amount she is requesting is 2,000,000 MNT to buy a sewing machine.
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.