Bayarjargal D. is a 22-year-old single parent, with a child who stays at home. She lives with her mother and child in a ger, a traditional Mongolian nomadic home tent, in the Bayanhongor province of Mongolia. She started her own business in 2006 with the help of her mother, by cooking meals in her home and delivering them all over town, to markets and office buildings, to sell. She graduated from a training course as a beautician in 2009 and since then has been working as a beautician. In addition, she also started to operate a fruit retail trading business to supplement her earnings. Bayarjargal is a very hardworking and open-minded woman. In the future, she hopes to expand her business and establish her own wholesale trade center. She is requesting a 380,000 MNT loan in order to increase her working capital for her fruit retail trading 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.