Bayarmaa S. is a 25-year-old married woman with a 5-year-old daughter. She lives with her husband in a ger, a traditional Mongolian nomadic housing tent, in the Uvurhangai province of Mongolia. Her daughter lives with her mother-in-law, who operates a small cafe in the Uyanga sub-province.
Bayarmaa started her own business in 2005 by trading a variety of grocery and consumer products between two sub-provinces, Uyanga and Arvaiheer. Her husband operates a taxi service using his own car. Bayarmaa purchases her grocery products from local wholesale stores and her consumer goods from Ulaanbaatar, the capital city of Mongolia.
Over the years, she has managed to expand her business, and her earnings have allowed her to purchase a new car as well as a house and fence for her family. Bayarmaa is a hardworking and optimistic person. She is requesting a 2,500,000 MNT loan to purchase a large amount of food and other goods in order to increase her working capital.
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.