Bolormaa E. is 43 years old and lives with her husband and two children in a house with fence in Selenge province, Mongolia. She was married twice and has four children. The older two children live on their own while the younger two children live with her. Her older child attends university and her middle son attends a local primary school. Her husband is a driver and operates a taxi service to supplement the family earnings.
Bolormaa operates a clothes-making business in her town. She not only sews traditional Mongolian-style clothing, but she also sews European-style clothing. She started her own business in 1996 after working as a seamstress in a tailoring company between 1990 and 1996. For the future, she plans to expand her business by hiring more workers. She will use this loan to purchase necessary equipment and tools, more materials for a new assistant who will be hired soon in order to keep up with the high demand for her products.
Because she has gained a lot of experience, she has established a wide and loyal customer base. She is requesting a 2,400,000 MNT loan in order to purchase more fabrics and tools, equipment such as a zigzag machine and another sewing machine for 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.