Byambatsetseg N., 35, lives in the Bayanzurh district of Ulaanbaatar (the capital city of Mongolia) with her husband, 15-year-old son and 2-year-old daughter. In 2001, her family moved into their own ger (a traditional tent) for the first time. In 1999, with her husband, she opened up a small butcher shop in the Hantalst open-air market in Ulaanbaatar. Since its inception, her business has been quite successful, and she has been able to invest her profits into opening a second, wholesale meat stall. Her husband has been having some kidney and back problems in recent years. Hence, she has been running the business by herself. Although she is a butcher now, she has a degree in pedagogy. In the future, she would like to make sure that her children receive a proper education and pursue their own professions, unlike her. She requests a loan to buy more wholesale meat for her inventory now, when the price of meat is at its lowest point of the year.
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.