Erdene-Oyun T. is 27 years old and lives with her husband and two children in a ger, a traditional Mongolian nomadic home tent and fence in Hovd province of Mongolia. Her husband works for a brick making factory and her two young children both attend a local kindergarten. She currently operates a grocery trading business out of a stall at a local market. She started her business in 2008 selling only ice cream. After years of successful operation, she has expanded her business by increasing her product line to include a variety of food products. Today, her working capital exceeds 1,300,000 MNT. For the future, she hopes to grow her business and have her own shipping container. Her earnings have enabled her to start building a house in her yard. She says, "I hope to finish building my house by this coming spring." She is requesting a 1,950,000 MNT loan in order to import more fruits from China at wholesale price.
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.