Dashtsermaa G. is 61 years old and lives in Bayankhongor province in central Mongolia. She lives with her youngest son in a traditional Mongolian housing tent called a ger. Her oldest son is 27 and lives on his own and her youngest is 24 and manages a transportation service in the area.
Dashtsermaa operates a jewelery trading business in her town. She imports a variety of jewelry items from India, which are very popular among Mongolian consumers. Dashtsermaa started her business in 2008 after conducting a clothing trading business for several years. She had success selling clothes, however, over the years her profits declined due to other clothing businesses opening in her town. Dashtsermaa has grown her jewelry business steadily over the last year and has many plans for the future. She hopes to soon expand her product line by importing Indian fabrics to sell along with her jewelry. She says, "managing my business succesfully enables me to support my two sons." Dashtsermaa is requesting a 3,000,000 tugrug loan to purchase fabrics from India to sell in 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.