Tserendorj is 58-year-old widow who lives with her daughter and son in a ger, a Mongolian traditional nomadic housing tent, in Govi-Altai province of Mongolia. Her husband died in early 2010. Her son lives by himself and works as a taxi driver in Ulaanbaatar, capital city of Mongolia. Her daughter, who is 23, helps with the family business.
Tserendorj operates a clothing business from a rented stall at a trading center. She started her business in 2002 at an outdoor market. Tserendorj worked hard to expand her business and rent a stall at an indoor market. In 2005, she expanded to rent another stall at a different indoor market that her daughter now manages. Tserendorj has gained a great deal of business experience and has built good relationships with her partners. She is a well-known businesswoman who says, “I want to buy a house for my children in order to make their living conditions better.”
Tserendorj is requesting a 3,500,000 MNT loan to purchase more clothes to sell in the springtime when demand is high.
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.