Marusya is 61 years old and lives with her daughter in Arhangai province, Mongolia. She and her daughter live together in a ger, the traditional Mongolian nomadic tent.
During the day, Marusya operates a raw materials such as animal skin, cashmere trading business with her daughter, Battsetseg, who is 34 years old. They have been operating their business since 2005 and have gained valuable experience. Marusya started her business with working capital of 1,000,000 tugrugs (approximately 725 USD) and, with a lot of hard work and determination, has increased her working capital to more than 3,000,000 tugrugs (approximately 2170 USD).
Marusya has been planning to expand her business in the future. Since she started her business, her family's standard of living has improved. With her earnings, she has purchased a car for her family and is providing money towards family expenses.
Marusya is an industrious person who has good communication skills. She says, “I have been planning to grow my business with my daughter and to increase the number of my livestock.” She is requesting a 4,000,000 tugrug loan to purchase more raw materials for her 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.