Oyun J. is a single mother with three children. She lives with her three sons in Arhangai province, one of Mongolia's central provinces. Her oldest son is 25 years old and works as an engineer for a local mining company. The next son drives a cab in the town. Her youngest son is 18 years old and goes to a local high school.
Oyun plants various vegetables on a small plot of land she owns and sells those vegetables once they are harvested. She has been in the business for the last six years. She started her vegetable-growing business with small capital of 100,000 MNT ($1 USD = 1,450 MNT) in 2003 and her working capital currently ranges between 1,000,000 MNT to 4,000,000 MNT depending on the harvest season. She has just recently started small-scale bee farming.
In the future, Oyun would like to continue to expand both her vegetable-growing and bee-farming businesses on her own. She says that she is very optimistic and excited about her businesses. She requests a loan to purchase more bees and vegetable seeds for her businesses.
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.