Mrs. Uzmee is a 64-year-old widow who lives with her son in a small house in the Bayan-Ulgii province of Mongolia. Her son, Monhjargal, age 30, works at a local company as an assistant worker. This borrower has been running an auto spare parts retail business in the local market since 2000. She is now planning to purchase bulk spare parts from Ulaanbaatar and sell them to local customers. She is requesting 1,500,000 MNT to purchase bulk spare parts to sell at retail prices. She has a good record with previous loan repayments without any delinquents at XacBank.
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.