Sandagsuren R. is a 46-year-old herder woman. She and her husband live in the countryside of Tuv province with their livestock, including goats, sheep, horse and cattle. Her husband mostly herds the livestock while Sandagsuren rents a small stall at the local food market where she sells beef and mutton in small pieces. Sandagsuren started retailing beef and mutton in 2002 and has been quite successful: her business capital has increased from 500,000 MNT to 3,500,000 MNT ($1 USD = 1,450 MNT) to date. With the business profit, she was able to financially support her two sons' marriages and pay off her daughter's university tuition and living expense in the city. She notes that she would like to purchase a small, cozy house with running water and indoor toilet in the future. She requests a loan to purchase feed for her livestock and additional beef for the retail 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.