T. Marusya is a 50-year-old single mother of one teenage son. She lives in the Arkhangai province of central Mongolia. Her son is a student at a university, and Marusya operates a dairy retail business in her local market.
She began her business in 1999 with a working capital of 100,000 MNT and in the eleven years of being in business, she has managed to increase her working capital to 3,100,000 MNT. She plans to continue to grow her business so that she can help her son in the future as he gets married and eventually starts his own family.
Marusya is requesting a 3,000,000 MNT loan in order to purchase a large variety of wholesale dairy products which she can sell from her stand for a profit.
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.