Dolgormaa P. lives with her husband and children in Ulaanbaatar, the capital city of Mongolia. She and her family live together in a ger, a traditional Mongolian nomadic tent in her sibling's yard. Dolgormaa operates a used clothing retail business in the Narantuul market, one of the largest and most crowded markets in Ulaanbaatar. She began her business in 2004 and has built a stable and successful operation. After years of hard work, she has gained not only a wide range of customers base but also lots of experience as a businesswoman. Today, her working capital exceeds 2,000,000 MNT with 30 percent of net profit. She is a very energetic and honest woman and says, “Soon, we hope to buy our own apartment. We are saving money for that." Dolgormaa is requesting a 2,000,000 MNT loan to increase her working capital.
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.