Marusya S. is a widow who lives with her two sons in the Uvurhangai province of Mongolia. She and her two sons live together in their own ger, a traditional Mongolian housing tent. Her both two sons are carpenters while Marusya operates a food trading business next to her home. She opened her small grocery shop after building small kiosk in her yard. Soon her children started operating a wooden products making business by producing a variety of wood items in the rented yard. Her children' business was successful enough to buy new land and a fence where they run their wood production today. The price for main raw material of wood production, that is timber, has risen by 2 1/2 - 3 times from the previous price therefore, they need more funds in order to increase their working capital. Marusya is a very active and kind woman and she hopes to expand her family businesses and she dreams of having her own apartment as well as a big grocery store in the future.
She is requesting a 1,500,000 MNT loan to purchase more food stuffs at 200,000 MNT for her small grocery kiosk and also to purchase more timber at wholesale price of 1,300,000 MNT for her children's wood producing 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.