Gerelmaa N. is 26 years old and lives with her husband and daughter in Bayanhongor province of Mongolia. She and her family live in a ger, a traditional Mongolian nomadic housing tent. Her daughter, age 6, attends a local elementary school. Her husband is a driver and operates a taxi service which he started in 2005.
Since August 2010, Gerelmaa has been managing a clothing trade business in a rented stall at the local trade center. Before starting her business, she also operated a taxi after purchasing her own car. For the future, Gerelmaa hopes to continue to expand her business and improve her car.
Gerelmaa says, "I hope to one day own my own stall." She is requesting a 2,000,000 MNT loan to purchase more winter clothes to sell at her stall for the upcoming winter months.
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.