Dulamdorj is 59 years old. She lives with her husband and son in the Chingeltei District of Ulaanbaatar, the capital city of Mongolia. She and her family live in a "ger," a yurt or Mongolian nomadic tent. They used to rent a place to live, but with the profits from their business, they bought their own tent, and the whole family now lives in it. Dulamdorj's husband and son run a taxi service using their own car.
Dulamdorj sells traditional Mongolian clothing at her own counter in the Narantuul Market, one of the biggest markets in Mongolia. She started her business in 1990. Originally, she sewed traditional Mongolian clothing to supply to the Narantuul Market's sales people. At that time, her total working capital was 500,000 tugrugs (~ $351 USD), and average monthly sales revenue was 1,000,000 tugrugs (~ $700 USD). Now she has expanded her business, and her total working capital is 2,100,000 tugrugs (~ $1477 USD) and average monthly sales revenue is 2,000,000 – 2,500,000 tugrugs (~ $1565 USD).
She has a great business mind and says “I would like to expand my business and workplace.” She is requesting a 3,000,000 tugrug (~ $2100 USD) loan to purchase a large amount of material to prepare for the Mongolian Lunar New Year celebration. During this holiday, customer demand is very high.
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.