Bolinchuluun J. is 51 years old and lives with her husband and three children in the Central province of Mongolia. The family lives in a ger, a traditional Mongolian nomadic tent. Her youngest daughter attends secondary school. Bolinchuluun operates a retail vegetable business out of a rented stall at a local market in her town. She began her business in 1999 with working capital of 500,000 MNT. Now it has reached 2,800,000 MNT. She would like to begin a new retail business along with her current one. She works hard to provide for her three children and wants to be able to continue to pay their school fees so they can all get good educations and not have to struggle like she has. Bolinchuluun is requesting a 3,000,000 MNT loan to purchase other types of vegetables to sell.
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.