Olzvoi T. is 46 years old and lives with her husband and three daughters in their own ger (a traditional housing tent) in Chingeltey district of Ulaanbaatar, the capital city of Mongolia. Her elder daughter is a student and the two younger daughters help her business, while her husband works as a safety officer in a mining company in the countryside.
She started her business two years ago at a rental stall in one of the biggest trade centers called Mars in their city. Olzvoi would like to expand her product offerings, and is therefore requesting a 650,000 MNT loan in order to buy a greater variety of products such as earrings, necklaces, rings and other accessories to sell.
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.