Narnaa N. is a 31-year-old, hardworking woman who lives with her husband and three children in Uvs province in western Mongolia. They live in their own ger, a traditional nomadic housing tent. Her two older children attend a local secondary school and the youngest goes to kindergarten.
Narnaa has been running a farm-animal trading business since 2006 with her husband. They purchase sheep and goats in the spring at 30.000 to 35.000 Mongolian tugriks (MNT) and resell them in the fall to be slaughtered. The couple has about 350 heads of herd kept nearby for a relative to look after.
Her husband Lhagvajav began a transportation business with their micro-bus in 2009. He runs between Ulaanbaatar and his hometown transporting passengers once or twice a month and earns about 400,000 MNT as a profit. Narnaa wants to get their own plot of land from her business profit.
She is requesting a 3,000,000 MNT loan to purchase more sheep and goats to slaughter.
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.