Zolmandah J. is a 27-year-old single mother with two young children. She lives with her parents and two sons in Suhbaatar province, Mongolia, in a 'ger', a traditional Mongolian nomadic home tent in a rented yard. Both her sons attend local kindergarten.
Zolmandah operates a clothing retail business in the local trade center. She started her business in April, 2010 with working capital of 1,000,000 MNT. She sells a variety of products that have been imported from China. Since starting her business, she has traveled 3 times already to China to buy goods to sell.
For the future, she hopes to continue growing with her new business and expand her product types. She needs more funds to purchase winter clothes, therefore she is requesting a 1,000,000 MNT loan to import products from Erlian, a border city in China for her growing store.
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.