Byambajav S. is 55 years old and a single mother who lives with her four children in Hovd province in western Mongolia. She and her children live in a ger, a traditional Mongolian nomadic home tent. Her oldest daughter helps her with the business, two others attend university and her other daughter works in the local theater. Byambajav operates a timber, wood items, and wooden frame trading business. She started her business in 2006 after previously operating a meat business at the local trade center. After many years owing a business, she has gained much experience as a businesswoman and has built a stable and successful operation. For the future, Byambajav hopes to expand her business by establishing a new sales chanel with Germany. She is requesting a 2,500,000 MNT loan to buy two ornamented ger frames for her wooden item 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.