Uyanga E. is a 27 years old young lady and lives with her sibling in an apartment in the Songinohairhan district of Ulaanbaatar, the capital city of Mongolia. Uyanga operates a grocery shop in a rented space with the help of her sibling. She began her grocery business in 2009 after working as a salesperson in the Uguuj company. She rents her shop with monthly rent fees of 500,000 MNT. Uyanga has found a success with her new business and her monthly net profit is between 400,000 and 500,000 MNT while her daily sales income has reached 300,000 MNT. Today, her working capital exceeds 3,000,000 MNT. In addition, she also runs a karaoke service to supplement her earnings. For the future, she says, “All I want is to build a house using my business earnings and move from my current rented shop to my own shop which will bring me a lot of profits."
She is requesting an 3,000,000 MNT loan in order to purchase more groceries to sell during upcoming New Year holiday.
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.