Badamgarav S. is a 48-year-old mother of four children, ages 16 - 30. She lives with her husband and four children in Ovorhangai Province, one of Mongolia's central provinces. She financially supported her two oldest children so that they could receive higher education in university. They both successfully graduated from their universities and currently work in the professional arena. Her third son is currently a student in university in Ulaanbaatar, the capital city of Mongolia. Her youngest daughter is 16 years old and goes to a local high school.
Badamgarav has a small meat business. She has been renting a small stall in the local food market since 1996 and retailing meat, including mutton, beef and goat meat, to locals. She has been in the meat retail business for thirteen years and is quite well-known for selling good quality meat among local customers.
She is requesting a loan to purchase more meat for her business. She says that she needs to make more profit to pay the university tuition for her two youngest children. Her ultimate goal is to see all four children get good higher education and pursue their dreams.
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.