Daariimaa B. is 40 years old and lives with her husband and three children in Ulaanbaatar, the capital city of Mongolia. She and her family live in a ger, a traditional nomadic housing tent. Her oldest two daughters attend a local secondary school and her youngest son is in primary school. Her husband, Balsanjav, works as a solderer for a private company.
Daariimaa operates a shoe trading business at Narantuul market, the largest outdoor market in the city. She started her business in 2005 with capital of 500,000 MNT after moving to the city from Hovd province in far western Mongolia where she operated a cashmere business. Since 2005, she has grown her business successfully and today her working capital exceeds 3,000,000 MNT.
Daariimaa is an industrious person with good business sense. She has used her business to greatly improve her family's quality of life. She has used her profits to build a new house for her family. Daariimaa has many plans for the future and hopes to save money this summer so she can pay her children's education fees. She is requesting a 4,000,000 MNT loan to purchase another counter at the market as well as new shoes to sell that she will import from China.
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.