Suvdanchimeg is a 39-year-old woman who lives with her husband and three kids in Arhangai province, in Central Mongolia. Her husband is a herdsman. Her three kids are at the secondary school. She has been retailing dairy products since 2005. She brings the dairy products from her husband's farm and sells it to the market people in the town. She does trading once or twice a month. She already has a number of regular customers. Suvdanchimeg is a diligent woman who says, "I would like to expand my business activity by getting two cows for my own business so that I could raise the family income to save money for my kids college fees". The total amount he is requesting is 2,000,000 MNT to purchase two cows.
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.