L. Oyun is a 37-year-old businesswoman who lives with her husband and three children in Arkhangai Province in Central Mongolia. Her oldest son and daughter both attend a local secondary school, but her youngest son has not yet reached school age.
Oyun operates a small butcher shop in her town where she sells meat to local residents from a stall at the local market. Her husband, who works as a stoker, helps in his free time. Oyun started her business in 2000 with capital of 300,000 tugrugs (approx. $207 USD). Because of her hard work and strong customer service skills, her business has been successful and her current business capital exceeds 1,300,000 tugrugs (approx. $898 USD). In the future, she hopes to open a second stall in the market to expand her business.
She says, "I would like to have my own workplace and fund my children's education." She is requesting a loan of 2,000,000 tugrugs to purchase more meat.
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.