Oyunchimeg is a 44-year-old woman who lives with her husband and five children in the capital city of Mongolia. Her husband works as a cook for a cafeteria. Two of the children study at the college and the other three children go to the secondary school.
She started producing traditional clothes buttons and trading them at the trade center. She runs the business alone and purchases the materials in large quantities. She has a further plan to increase the volume and trade them in wholesale.
Oyunchimeg is a diligent woman who says, "I would like to expand the business by purchasing the materials like coral and other precious stones in large quantities at a good price. I want to develop the business activity to raise the income and improve the household." The total amount she is requesting is 2,300,000 MNT to buy the coral and other materials for the buttons.
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.