Sevjid T. is a 38 year-old widow who lives with her son in Uvs province in western Mongolia. She and her family live in a ger, a traditional Mongolian housing tent. Her son Tsend-Ayush attends a local middle school and helps his mother in her business on his vacation.
Sevjid manages a flour trade business. She purchases flour at a wholesale price in Russia and sells it at retail in her town. She started her business in 2000 and has built a stable operation over the last few years. She works hard every day to grow her business and today her business revenues reach approximately 250,000 MNT.
Sevjid continues to build on her business experience and hopes to expand in the near future. She says, "I hope to expand my business so that I can afford to provide for my son's education." She is requesting a 1,000,000 MNT loan to purchase more flour for her 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.