Oyun, 51, is widowed and lives with her daughter in Uvs province of Mongolia. They live in a ger, Mongolian nomadic housing tent, on a small plot of land that they have owned since 1997. Her daughter attends a college. Oyun began growing and selling vegetables in 1996. In the beginning she used to grow only a few kinds of vegetables, but increased the variety of her vegetables in 2005. She grows tomatoes, carrots and beets in the spring and collects about 10 to 15 tons of crops in the fall. Now she rents a stall at a food market where she sells vegetables. She has a storage building nearby her house. She stores about 15 tons of vegetables in the building and sells them throughout the winter. Her current working capital exceeds 4,650,000 MNT. She is planning to buy more land where she can grow more vegetables and she wants to enlarge her storage unit. She is a hardworking and sociable person who says, " I am trying to increase my profit and save more money in order to pay my daughter's tuition fees." She is requesting a loan of 3,000,000 MNT to purchase more vegetables for her 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.