Byambasuren S. is a 42-year-old widow who lives with her 15-year-old daughter in Bayanhongor province, Mongolia. She and her daughter live together in a ger, the traditional Mongolian nomadic tent. Byambsuren's daughter attends a local secondary school.
Byambasuren operates a tailoring business. She graduated from a four-month sewing training course in 1990. She has been operating her business since 1996, and has become an experienced tailor. Since 2004, she has rented a workplace to let her more easily provide her services to her many customers.
Byambasuren has been planning to grow her business and to improve her equipment. She is a very hardworking person and says, “I would like to grow my business and improve my family's standard of living by receiving a loan.” Byambasuren is requesting a 1,400,000 MNT loan to purchase necessary materials and equipment.
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.