Buyanhishig is a 56-year-old single mother who lives with her 26 year old son in Khovd province, Mongolia. She and her son live in a ger, a traditional Mongolian tent home. Her husband, whom used to help with the family business, died recently. Buyanhishig operates a grocery business with the help of his son at the local market in her town. She started her grocery service in 2004 and quickly made good progress with her business. Her earnings have enabled her to have a better quality of life. Buyanhishig is very hardworking and is focused on operating an honest business. She says, "I will work hard to some money for my son to help him buy a house and also I am planning to expand my shop by building one more additional room." She is requesting a 3,000,000 tugrug (~2,100 USD) loan to purchase a large amount of grocery products for her grocery 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.