Dolgormaa, 49, is married and lives with her husband and three children in Govi-Altai Province in Mongolia. Her elder son works as a driver for a transportation company, and two younger daughters currently attend a college in Ulaanbaatar, the capital of Mongolia. She began retail trading of souvenirs, domestic appliances, and domestic wares at a local market in 2004. Her husband helps her with the business. She is trying to expand her business and increase her working capital. She is one of the reliable customers of our bank. She is requesting a loan of 3,000,000 MNT to enlarge her space and purchase more goods 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.