Bolormaa T. is 21 years old and lives with her mother, husband and son in Ulaanbaatar, the capital city of Mongolia. She and her family live in their own small apartment.
Bolormaa's mother has been operating a clothing trade business in Narantuul Trade market in the city since 2007 and she manages this business with help of her husband today. Bolormaa provides a variety of clothing and t-shirts to satisfy their customers' needs. Over the years, the family business has reached a sustainable level. Her purpose of applying for the bank loan is to increase her working capital. For the future, she hopes to improve her house. She is a very modest person. Bolormaa is requesting a 3,000,000 MNT loan to increase her working capital for her retail 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.