G. Gerelmaa is a 42 year old single mother who lives with her two children in Arkhangai province in central Mongolia. She and her two sons live in a ger, a traditional Mongolian nomadic tent. Her oldest son currently attends university and the youngest is in kindergarden. Gerelmaa operates a clothing retail business out of a rented stall at the local market. She started her business in 2008 with the capital of 2,000,000 tugrugs (~1400 USD). She has found success in her trade and has used her earnings to support her family and pay her son's tuition fees. Today, her working capital exceeds 3,000,000 tugrugs (~2100 USD). In the future Gerelmaa hopes to continue her success and grow her business. She is requesting a 3,600,000 tugrug (~2530 USD) loan to purchase more clothes 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.