Tsolmon D. is 35 years old and lives with her husband and two daughters in the Songinohairhan district of Ulaanbaatar, the capital city of Mongolia. She and her family live in a ger, a traditional Mongolian nomadic tent. Her oldest daughter attends a local secondary school and her youngest daughter is in kindergarten.
Tsolmon operates a meat trading business with the help of her husband. Her husband is responsible for purchasing meats from Dundgovi province and she sells those products in her stall as a wholesaler and retailer. She started her business in a rented stall in 2003 and has since gained much experience.
After many years of owning this business, her daily earnings have reached 200,000 MNT. With her business revenues, she was able to build a house for her family. Her business currently operates at a stable level and she continues to make progress. She hopes to grow her business in the future and start to save her business profits by opening an account at the bank. Tsolmon is requesting a 3,000,000 MNT loan to purchase and preserve more meat in order to increase her sales.
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.