Mrs. Hamar is 45 years old and lives with her husband and two children in an apartment in Bayan-Ulgii province of Mongolia. Her husband Hurmanbai works as handyman in a local school. Her son and daughter are university students.
Hamar has been running a small cafeteria in the local market for four years and retail businesses in the market and local residents are her clients. She has to pay her children's tuition and living expense at university from her business profit and barely manages to break even. She needs to maintain her cafeteria to provide a hospitable environment to her clients and now requesting loan of 1,000,000 MNT to purchase tables and chairs for her cafeteria. She is a hardworking and tenacious person.
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.