Umitker M. is 43 years old and lives with her husband and four children in Bayan-Ulgiy province in western Mongolia. She and her family have been living together in a ger, a traditional Mongolian nomadic tent, at their permanent address for the past twenty-one years. Her oldest three children attend a local secondary school while her youngest son goes to the local kindergarten.
She operates a dairy product retail business in her town at the local market. She started her business in 2003 by selling various kinds of dairy products at an indoor stall at Turlik market, one of the main markets of her town. She purchases all of her dairy products from the countryside's herders at wholesale prices and resells them. From now on, she plans to purchase large amounts of dried curd cheeses and melted butters at wholesale prices and resell it during the upcoming winter months when prices for those products traditionally rise.
For the future, she hopes to open her own dairy products shop. She smiles all the time and makes people happy even though she works very hard. "I want to provide my children with a good education and also establish my own dairy shop." She is requesting a 3,000,000 MNT loan in order to purchase more dairy products when prices for such products are cheap.
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.