Horolsuren A. is 46 years old and lives with her husband and adult son in the Songinohairhan district of Ulaanbaatar, the largest city and capital of Mongolia. She and her family live together in their own ger, which has a fence. Her husband operates a transportation business, in which he using his own truck to supplement the family income. Horolsuren operates a meat trading business out of a stall at the Harhorin market, one of the big markets in the city. She purchases a large amount of meat during the summer and fall and preserves it for sale in the winter when it is in high demand. She started her business in 1994, and has since become very experienced in her trade. Today, her business is a very stable operation, and her working capital exceeds 4,000,000 MNT, while her daily average sales income has reached 220,000 MNT. In the future, she hopes to continue managing her business and keep it sustainable so that she can afford to one day buy her own apartment for her family. She is requesting a 3,000,000 MNT loan to purchase and preserve a large amount of meat.
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.