Tserenbaltav H., age 45, lives with her husband and two sons in Ulaanbaatar, the capital city of Mongolia. They have lived together in a house and fence on a small plot of land they own for the past 13 years. Her husband currently works in Oyu Tolgoi, a mining company. Her oldest son is a university student and her youngest attends high school. Tserenbaltav operates a meat trading business at Huchit Shonhor, a meat supply market. She has operated this business for the last 15 years and has since not only gained much experience but also built a stable operation. She usually sells beef out of her stall. Before her husband was employed at his current job, he used to help with her business by purchasing livestock from the countryside and slaughtering them to sell. Now she purchases her meats from wholesale traders. Tserenbaltav is an open-minded, generous and clever woman. She says, “I am planning to buy a car for my family”. She is requesting a 3,000,000 MNT loan to purchase and preserve meats in bulk before the price rises.
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.