Badamhand S. is a 55-year-old widow who lives with her 22-year-old daughter in Arhangai province, one of Mongolia's central provinces. She has raised four children and her husband passed away quite some time ago. She currently lives with her youngest daughter who is a student in a local university.
Badamhand runs a small sewing shop. She makes various customized clothes for women according to her customers' requests. She started her small shop in 1990 with her old sewing machine. Since then, she has been running her sewing shop for 19 years and has retained regularly visiting customers. She says that with her sewing business, she has been able to raise four children who are all highly educated and doing well on their own now. She requests a loan to purchase necessary materials for her sewing business.
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.