Baigalmaa is 30 years old and lives with her husband and 1-year-old infant in Arkhangai province, Mongolia. She and her family live together in a ger, a traditional Mongolian nomadic tent. Baigalmaa operates a retail Russian candy business in her town. She began her business in 2008 with working capital of 500,000 tugrugs (~350 USD). After several years of operation, she has managed to establish herself in the business community. Now her working capital exceeds 2,000,000 tugrugs (~1,400 USD). Baigalmaa delivers Russian candies to local supermarkets and shops, which sell the candies. She also has individual customers who buy her candies on a regular basis. Because of her business success, she has managed to finance her family's daily needs. Baigalmaa is requesting a 1,000,000 tugrug loan in order to purchase candies for her 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.