Sodnomdamba A. is 30 years old and lives with her husband and child in Arhangai province, Mongolia. She and her family live together in a 'ger', a traditional Mongolian nomadic housing tent. Her husband works as a fireman in a local company. Sodnomdamba sells a variety of socks inside the local market. She started her business in 2009 with a initial capital of 60,000 MNT and has gained a good reputation in her local community. She has found success with her new business and has stable earnings.
Today, her working capital exceeds 2,500,000 MNT. Sodnomdamba hopes to continue growing her business and have her own shop in the future. She is a modest woman. She is requesting a 300,000 MNT loan to purchase more inventory in order to expand her 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.