Oyunchimeg is 49 years old and lives with her father in Tuv province, Mongolia. She and her family live together in a ger, the Mongolian nomadic tent. All of her children have grown up and live on their own. Oyunchimeg and her father have been living together in their current home for 10 years. Oyunchimeg operates a consumer products trading business at a local trading center. She buys about 800,000 tugrugs (~ 570 USD) worth of products per year to sell. Oyunchimeg has been successfully operating her business since December 2008. She started her business with working capital of 400,000 tugrugs (~ 285 USD), but after only two years Oyunchimeg has managed to increase her working capital to 2,500,000 tugrugs (~ 1775 USD). With this year's earnings, she has purchased furniture and electrical appliances for her home. In addition, she has expanded her original counter, and purchased another counter for her business. Oyunchimeg is a very hardworking person. She says, “I would like to expand my business and to build a house in my yard." She is requesting a 1,800,000-tugrug loan to purchase more consumer products at wholesale prices for 1,000,000 tugrugs and to purchase a fridge and freezer for 800,000 tugrugs.
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.