Myagmar A. is a 36-year-old single mother who lives with her three children in Bayanhongor province in central Mongolia. She and her three children live together in a ger, a traditional Mongolian nomadic tent. Her oldest two children attend a local secondary school and her youngest is in kindergarten.
A. operates a small cafe in her town, specializing in a variety of traditional Mongolian meals. Her most popular menu items include huushuur, a fried flour pocket filled with meat; buuz, steamed meat dumplings; and lapsha, a soup with meat and noodles.
A. started her business in 2000 by cooking meals at her home and delivering them to her customers at local businesses and the market. After years of successful operations, her earnings enabled her to open a cafe in a small three-room building. She is now thinking about expanding further and hopes to soon open a small bakery beside her cafe.
A. is requesting a 4,000,000 tugrug loan to purchase equipment and supplies to start her bakery and food products for her cafe.
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.