Norjmoo A. is a 49 year-old widow who lives with her three children in Uvurhangai province of Mongolia. She and her children live in a ger, a traditional Mongolian nomadic home tent. Her youngest son attends a local secondary school. Norjmoo operates a variety of businesses in order to provide for her family. She has been operating a water hole since 2007. Her customers are usually neighboring households. During the summer, her oldest daughter runs the water hole while Norjmoo operates a construction business with help of her children. During the winter months, they go through the countryside selling a variety of products to supplement the family's income. Norjmoo hopes to built a stable and successful operation that can improve their family's standard of living. She is requesting a 300,000 MNT loan to purchase stationary and clothes 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.