Yolka S. is 44 years old and lives with her family in a 'ger', a traditional Mongolian nomadic tent, in Hovd province of Mongolia. They have been living at their current address for the past 10 years. Her daughter, age 22, works as a part-time teacher in the university and her son attends university.
Yolka operates a grocery business in the local vegetable market in their town with help of her husband. She began her vegetable trading business in 2004 and has become very well established in the many years since. Her husband is responsible for planting a variety of vegetables in spring and summertime and harvesting in fall. Her earnings are the main source for her family's income and have enabled her to provide for her entire family and pay her son's tuition fee as well.
Yolka is a very modest person who dreams of having her own greenhouse in the future, after her son has completed his university studies. She is requesting a 850,000 MNT loan in order to purchase and preserve carrots in her cellar.
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.