Tsermaa T. is 44 years old and lives with her husband and her three children in her own house with a fence in the Chingeltei district of Ulaanbaatar, the capital of Mongolia. Her younger son is a university student and her older son operates a taxi service business. Her husband is a private businessman.
Tsermaa and her husband started their old book selling business in 2002 after moving from the countryside to Ulaanbaatar. She rented a space outside the Achlal department store for 100000 MNT a month and sells all kinds of a rare books, schoolbooks, dictionaries and textbooks of foreign languages.
Tsermaa is requesting a 1000000 MNT loan to buy a greater variety of books for her book selling 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.