Renchin-Osor O. is 39 years old and lives with her husband and three children in Uvurkhangai province in central Mongolia. She and her family live together in a small house. Her youngest two daughters currently attend a local secondary school. O. operates a flour and rice selling business out of a shipping container at the local market. She travels to Ulaanbaatar, the capital city of Mongolia, two to four times a month to purchase her products and transports them back to her container to sell. O. started her business in 2003 by first renting the container that she now owns. Over the years she has worked hard to build a stable business operation and has gained much experience. Her business is very important to her and her family. She says, "My only wish is to provide a good education for my children and to help them become good people." O. is requesting a 2,500,000 tugrug (~1750 USD) loan to purchase more flour and rice to sell in her business.
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.