Altangerel T. is 49 years old and lives with her husband and two daughters in their own ger, a traditional Mongolian nomadic home tent, in Uvurhangai province, central Mongolia. Her oldest daughter is a university student while her youngest daughter works as a private businesswoman. Since 1999, she has been operating a milk, dairy products and grocery trading business in a rented stall at the local market. During the summertime she sells mare's milk (fermented milk) and has become quite experienced in the trade over the many years. She hopes to continue operating her business with stability. In the future, she dreams of establishing her own dairy product processing factory. Altangerel is requesting a 2,000,000 MNT loan to purchase dairy products and other goods at wholesale prices for her 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.