Umitker is 44 years old and lives with her four children and husband in a ger (a Mongolian yurt or circular tent) in the Bayan-Ulgii province of Mongolia. Her three children go to the high schools and her youngest son goes to kindergarden.
She started to sell dairy products in 2003. She buys dairy products at 5,000 MNT during the summer time and sells them back at 8,000 MNT and earns the profit from the difference price. She is planning to buy dairy products now and store them. She plans to sell them back when the price goes up. She also plans to open a shop that sells dairy products.
She is a very optimistic and hard-working woman who says "I want to educate my children very well, expand my business and open a dairy-product shop." She is requesting a 3,000,000 MNT loan to buy dairy products 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.