Tsolmon N. is a 31-year-old single woman who lives with her mother in Hovd province in western Mongolia. She and her mother live in a ger, a traditional Mongolian nomadic tent. Her mother is retired. Tsolmon sells a variety of woman's clothes out of a stall at the local market. She started her business in 2007 by selling only woman's lingerie and underwear. She has found success in her trade and expanded her product variety and lines. She is a clever businesswoman. She is applying for this 3,000,000 MNT loan in order to purchase a large amount of leather boots at wholesale prices from Ulaanbaatar, the capital city of Mongolia.
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.