Oyungerel D., age 56, operates a meat retail trading business in her town. She started her business in 2000 with a working capital of 300,000 MNT. After many years of operation, she has gained significant experience as a trader. She is requesting a 2,000,000 MNT loan in order to invest in her business as well as to purchase an LCD TV and a washing machine for her home.
She lives with her son in Suhbaatar province, Mongolia. They live in a "ger," a traditional Mongolian nomadic tent. Her son works as the assistant driver of a micro bus and transports people between Ulaanbaatar, the capital city of Mongolia, and Bulgan province. Oyungerel hopes one day to help her son buy his own micro bus.
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.