Purvee J. is 51 years old and lives with her husband and two adult daughters in Bayanhongor province, Mongolia. She and her family live in a ger, a traditional Mongolian nomadic housing tent. Her oldest daughter works as a cook in a local restaurant and has a monthly salary of 200,000 MNT, while her youngest daughter is a tax inspector, but is currently unemployed. Purvee and her husband operate a meat trading business in their town. She started her business in 2004, based on her previous work experience as a salesperson in a small store. Her business currently operates at a stable level and she continues to make progress. For the future, Purvee says, " I want to focus on continue to operate my business so that I can buy a cafe for my daughter." Purvee is requesting a 2,200,000 MNT loan for working capital for her meat 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.