Odonchimeg is 34 years old and lives in Tuv province, Mongolia. She and her daughter live together in a ger, the Mongolian nomadic tent. They have have lived there for the past five years. During the day, she operates a retail meat business. In 2006, she rented a counter at a local market and started her business with a working capital of 200,000 tugrugs (~ 140 USD). After much hard work her working capital has grown to 2,300,000 tugrugs (~ 1618 USD). With her business profit, she purchased new furniture for her home this year. Odonchimeg pays attention to her daughter's education, and has used her profits to hire a private tutor for her daughter as a supplement to her secondary school lessons. Odonchimeg has great business experience from previous years and has loyal customers. Odonchimeg says: “I would like to expand my business and to purchase an apartment for me and my daughter.” She is requesting a 1,200,000 tugrug (~ 844 USD) loan to purchase a large amount of meat at wholesales price to resell 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.