Togoontumur S. is 45 years old and lives with her husband and two adult aged sons in Arhangai province, Mongolia. She and her family live together in a ger, a traditional Mongolian nomadic tent. Her oldest son attends university while her youngest and her husband both help out with Togoontumur's business.
She has operated a dairy product retail business in her town at the local market since 1995. She sells a fermented milk in the summer months, and during the fall and winter months she sells a variety of dairy products. After many years of successful operation, she has not only gained much experience but also a wide range of customers.
Her earnings have enabled her to pay her sons' tuition fees. Togoontumur is a very open minded and hardworking woman, she says, " I am very glad that my business has helped me to improve greatly our family's standard of living" She is requesting a 2,000,000 MNT loan in order to purchase more dairy products 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.