Jugdermaa is 63 years old and lives by herself in a ger, a Mongolian traditional nomadic tent, in the Arhangai province of Mongolia. All of her children are grown and live with their families.
Jugdermaa operates a clothing-making business in her town. She started her business in early 1990 with working capital of 20,000 MNT. Through continuous business operation she increased the working capital to 600,000 MNT. She established a strong customer base and gained much experience. Jugdermaa is a very delightful and hard-working woman who is satisfied with the earnings she makes. However she wants to expand her business in order to create more jobs in the community. She is requesting a 1,300,000 MNT loan to purchase more material 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.