Dolgormaa M. is 51 years old and lives with her husband and two children in an apartment in Ulaanbaatar, the capital city of Mongolia. Both of her children, aged 19 and 22, are students. Her husband, Jargalsaihan, works as a driver for a hotel.
Dolgormaa operates a milk-trading business in her district. She owns three cows which produce the milk and she sells it to a store with which she has a supply contract. She has only been operating her business for one year but hopes to purchase another cow in the near future to increase her output.
Dolgormaa is a hardworking person and focused on the future. She sees great potential in her business and says, “I must grow my business to save money so that I can support my children's school tuition fees.” Dolgormaa is requesting a 1,500,000 MNT loan to purchase another cow and calf for 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.