Mariya is 40 years old and lives with her children in a ger (traditional Mongolian yurt) in Bayan-Ulgii province of Mongolia. Her two children are high school students.
She started her business in 2006 by selling milk at the retail price. Since then she continued her business. She started her business with 500,000 MNT. Now her daily income is between 15,000 MNT to 20,000 MNT and 30-35% of this income is a net profit. With her business profit, she paid the college tuition fees of her two children. She certainly pays a lots of attention their education.
She is a diligent woman who says "I want to give good education to my children." She is requesting a 1,000,000 MNT loan to increase her turnover capital and buy more dairy products.
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.