Tserendulam P. is 52 and currently lives with her two daughters in the Baganuur district of Ulaanbaatar, the capital city of Mongolia. Her husband passed away three years ago. Tserendulam had worked for the local school as a guard for dozens of years and retired in 2004.
Upon her retirement, she started a small business due to her inadequate retirement compensation. She started making traditional clothes for locals. As she is very talented in making traditional clothes, she has been making many clothes for local artists, herders and other locals. She is well-recognized for her talent and quality clothes in the town. She now mostly makes traditional clothes by request. In addition, she started making uniforms for students at the local schools. She has recently obtained an order to make student uniforms for a local school. She requests a loan to purchase materials for making uniforms for the school.
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.