Byambaa L. is 47 years old and lives with her two daughters in Tosontsengel, one of the biggest towns of the Zavhan province in western Mongolia. Both of her daughters are students. Her husband died by car accident in 2006, and since then, Byambaa has been trying her best to raise her two children as a single parent along with operating her boot-making business.
She operates a small boot-making and repair business in her town. She makes durable boots called buriad and traditional boots, which she trades with herders in the surrounding countryside. When the peak period of demand for boots comes, she also trades her boots in exchange for a variety of products.
Byambaa started her business in 2007 and has quickly found success. Her business has enabled her to keep up both of her homes and provide a quality life for her family. Byambaa is a very hard-working and business-minded person. She always looks for ways to increase her earnings and improve her business.
She said, “Year by year, I have experimented with making a variety of style of boots, which are potentially sold among the herdsmen, and it seems quite profitable for me. I will continue to produce boots and I am trying to do many things in order to provide for my daughters."
Byambaa is requesting a 1,500,000 Mongolian tugriks (MNT) loan to purchase materials such as felt boots, leather and rubber for her boot-making 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.