Dambarentsen B. is 40 years old and lives with her parents and 10-year-old son in Arhangai province in central Mongolia. She and her family live together in a ger, a traditional Mongolian housing tent. Her son, Barhuu, attends a local secondary school.
B. operates a machinery parts trading business in her town with the help of her brother. She started her business in 2005 with capital of 800,000 tugrugs (~560 USD). Over the years, she has gained much experience in her trade and always tries to grow and improve her business. She has built a stable business and a positive reputation among her customers, and today her working capital exceeds 2,000,000 tugrugs (~1400 USD).
B. is a very open-minded and hardworking person. Her main goal is to provide for her son's education and to help him become a good and responsible person. For the future, she hopes to expand her business, and is requesting a 3,800,000 tugrug loan to buy supplies for her machinery parts trading business.
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.