Buyanhuu H. is 54 years old and lives with her husband and two children in Hovd province in western Mongolia. She and her family live together in a ger, a traditional Mongolian nomadic tent. Both of Buyanhuu’s children are students while her husband works as a carpenter in their town.
Buyanhuu operates a dairy product retail business in her town at the local market. She began her business in 1995 and attributes her business success to her knowledge of local market demands. She is requesting a 1,300,000 MNT loan in order to purchase more dairy products to sell during the upcoming winter months when prices for such products traditionally rise.
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.