Amantai A. is 42 years old and lives with her five children in Bayan-Ulgii province in western Mongolia. She and her children live in a ger, a traditional Mongolian nomadic tent. Her four children all attend a local secondary school. Amantai operates a meat selling business in her province. Herders travel up to 200 kilometers from their location to sell livestock to the meat wholesale trader in the town. In Bayan-Ulgii province, it is common for a household to buy at least one cow and 10 sheep to be eaten during the long Mongolian winters. People of this province usually prepare their meats for winter during October and November and finish those prepared meats in March. Amantai usually purchases livestock from herders and slaughters them to sell their meat at the local market. She sells a kilogram of lamb for 4,000 to 4,500 MNT and horse meat for 4,000 to 4,500 MNT, respectively. She hopes to continue her success and says, "all I want is to support my children." Amantai is requesting a 3,000,000 MNT loan to purchase more livestock at wholesale prices.
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.