Batjargal B., 52, is a widow who lives with her daughter and two nephews in Hovd province, Mongolia. She and her family live together in a ger (the Mongolian nomadic tent). Her two nephews, ages 11 and 12, attend a local primary school. They have been living together in their current home for 10 years.
Batjargal operates a bone setting and healing service in her town. She has been operating her business since 2005, and her business has become popular in her own province, as well as in surrounding provinces. Batjargal has greatly expanded her business over the past five years. Initially operating her business from her home, Batjargal has since moved to a formal workspace. Batjargal is an open person and focused on the future. She says, “There is almost no one else providing bone setting and healing services in my province. I have been planning to build another place from which to provide services for four customers with four beds. ” She is requesting a 1,400,000 MNT loan to purchase equipment for her bone settling and healing services.
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.