Buyanjargal B. is 38 years old and lives with her husband and two children in Tosontsengel, one of the biggest towns of Zavhan province, western Mongolia. She and her family live together in a 'ger', a traditional Mongolian nomadic tent. Both of her children attend a local middle school while her husband helps her out with her business.
She began her business in 2002 and now Buyanjargal operates a dairy product retail business in her town and drops the products off at a local market stall. She has been milking cows and producing dairy food since 2005. Besides that, she sells a variety of fruit during the peak months when prices for such products traditionally rise.
Buyanjargal attributes her business success to her knowledge of local market demands. She says, "Our family is in the process of building a new house near the local market and I wish I could own a small store over there. I am trying my best to operate my business well in order to increase my working capital and put money into my children's savings." She is requesting a 3,500,000 MNT loan to purchase cows for her dairy production 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.