Myadagmaa B. is a 55 year old widow who lives with her children in Uvurhangai province in the central part of Mongolia. She and her family live together in a ger, which is a traditional Mongolian nomadic tent. Her daughter is a student in Ulaanbaatar, the capital city of Mongolia.
Myadagmaa operates a drinking water delivery service nearby the ger districts and manages a food, consumer goods and mobile phone business in her town with the help of her children. Myadagmaa’s personal goal for the near future is to be able to pay for her daughter’s university tuition fees and keep her family comfortable and well fed.
She is requesting a 1,500,000 MNT loan to purchase a variety of goods and clothes in Ereen, a city on the border with China, in order to expand her business line to keep growing customer base.
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.