Bayarmaa is 48 years old and lives with her husband and two sons in the Tuv province of central Mongolia. She and her family live together in a ger, a traditional Mongolian nomadic tent and fence. Her oldest son operates a cellphone repairing business and her youngest son attends university in Ulaanbaatar, a capital city of Mongolia. Her husband is currently unemployed and works for the construction companies during the summer months.
Bayarmaa operates clothes trading business out of a stall in a local trade center. She began her household goods trading business in 2005, after 2 years she started to sell clothing and has has since gained significant experience and skills in her business. Her business has stabilized over the past year and she was able to buy her own stall where she sells her products. She imports her products from China twice a month.
For the future, she plans to expand her business and enlarge her house. Bayarmaa is a modest and hardworking person and is requesting a loan of 3,000,000 MNT in order to import a large amount of goods from China 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.