Oyuntsetseg R., age 47, lives with her husband in Ulaanbaatar, the capital city of Mongolia. For the past twenty years they have lived together in a ger (the traditional Mongolian tent home) on a small plot of land they own. Her husband currently operates a transport service using his truck and they have two grown daughters who live on their own.
Oyuntsetseg operates a meat-trading business at Narantuul market, the largest market in the city. She has operated this business for the last ten years and has become quite a successful businesswoman. She purchases meat at a wholesale price from Huchit Shonhor, a meat supply market. In the summer, she purchases almost daily because supplies are plentiful. However, in the winter, she must buy a large amount to set aside in storage. Her main meat product is high-quality horse meat.
Oyuntsetseg is an open-minded, generous and hardworking woman. She says, “Life is beautiful. My two daughters are married and I am full of happiness.” She is requesting a 1,000,000 MNT loan to support her youngest daughter who will soon travel to Japan for foreign study.
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.