Bolormaa is 42 years old and lives with her husband and two children in Govi-Altai province, Mongolia. She and her family live together in a ger, the Mongolian nomadic tent. Her husband, Boldbaatar, is 44 years old and is a carpenter. Her oldest son, Purevsuren, is 18 years old and attends university. Her youngest child, Munhnaran, is eight years old and attends a local secondary school. During the day, Bolormaa operates a vegetable trading business at a local market called Shine-Altai. She started her business in 1999 with working capital of 200,000 tugrugs (~140 USD). After years of successful operations, she has managed to increase her working capital to a level exceeding 3,000,000 tugrugs (~2111 USD) today. Her earnings enabled her to purchase her own plot of land with a house in Darhan city and to pay university tuition fees for her oldest child. Bolormaa has good communication skills and her business is very important to her. She says, “I have been planning to build a warehouse for my business in the future. In addition, I would like to provide a good education for my two children.” She is requesting a 1,500,000-tugrug loan to purchase a large amount of vegetables, including potatoes and onions, to sell to her many customers.
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.