Horloo is a 47-year-old widowed woman who lives with her three children in Uvs province in western Mongolia. When her husband died, she was left with her children. She has been running a wholesale flour business since 1988. Based on her 24 years of experience, she would like to extend the business by purchasing a big amount of flour and selling it while keeping some in storage at the market.
As it is going to be the biggest festival, the flour sales business is really profitable for entrepreneurs. She is a really bright woman who says, ""I would like to extend my business so that I will earn more and be able to pay for my children's college and school." The total amount she is requesting is 1,300,000 MNT to buy flour at a wholesale price.
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.