Ulambayar R. is 33 years old and lives with her husband and 1-year-old son in the Zavhan province of Mongolia. She and her family live together in a "ger," a traditional Mongolian nomadic tent. Her husband operates a transportation business in his town to supplement his family's income.
Ulambayar operates a cafe in a rented space of 24 square meters. She provides a variety of meals for her customers. She has been engaged this business for six years and has built a successful operation. She hired two workers and pays them a monthly salary of 108,000 Mongolian tugriks (MNT) each. Over the years of operation, she has managed to expand her business activities and has gained a positive reputation among her customers.
Ulambayar is a very open-minded and hardworking person and is requesting a 1,500,000 MNT loan both to decorate her cafe and to buy new electronic equipment for her cafe.
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.