Azbayar is 32 years old and lives with her husband in Ulaanbaatar, the capital of Mongolia. They live in a 'ger', a Mongolian nomadic housing tent, in someone else's backyard. Her husband helps her with the business.
She began operating her own business in 2005. She imports leather gloves and glasses from China and sells them at her rented stall at the market. She pays 60,000 MNT for rent on the stall. Her average daily income is 40,000 to 60,000 MNT and her current working capital exceeds 1,000,000 MNT. She is a hardworking and modest person who says, "We want to increase our profit and build a house where we can have a comfortable life." She is requesting a loan of 3,000,000 MNT to purchase more leather gloves and other consumer goods 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.