Nayanjin O. is 58 years old and lives with her husband in their own apartment in the Songinohairhan district of Ulaanbaatar, the capital city of Mongolia. All of her children are grown up and live on their own. Her husband helps with her business by transporting dairy products from the countryside using his own truck while Nayanjin operates a retail dairy business at Harhorin, second biggest market in Ulaanbaatar. She began the business in 2000 renting a stall at where she sells the products. Since then, her business has become very successful and her working capital exceeds 8,000,000 MNT today. Her monthly sales income has reached 120,000 MNT. For the future, Nayanjin says, " I plan to continue operating my business successfully and hope to purchase my own store in the near future." She is requesting a 2,500,000 MNT loan in order to purchase and preserve a large amount of dairy products in the winter when availability of such products decrease.
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.