Bolormaa is a 39-year-old single mother who lives with her two daughters in an apartment in Darhan-Uul province, Mongolia. Her oldest daughter is unemployed and her youngest is in secondary school.
Bolormaa operates a shoe-repairing business which provides the only family income for her. She began her business in 1994 and since then has found much success with her business. As a result of her hard work and good customer service, her business is progressing day by day.
In 2009 Bolormaa began to partner with her sister in managing her business. Bolormaa is working hard in order to one day own her own workshop and buy new work equipment. She says, “I am working hard in order to save some money for my children.”
Bolormaa is requesting a 700,000 tugrug loan in order to purchase some necessary tools and supplies for her shoe-repair 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.