Amgalan, 54, is a widow living with her daughter in Hovd province, Western Mongolia. Her daughter is employed. Amgalan has been running a food store business since 2002. The business has been successful and she has been responsible for her daughter's college tuition fees. As the store is located near a secondary school, Amgalan wants to develop the business and increase the types of products she sells. She is a diligent woman who says, "I would like to expand my business activity by purchasing the supplies in wholesale. I will keep the business successful in the future." The total amount she is requesting is 1,600,000 MNT to buy the food supplies.
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.