Sersmaa is a 54-year-old widow woman who lives with her children in a ger, a Mongolian yurt, in Ulaanbaatar city in Mongolia. Her three children are college students. She started her business with her friend in 2008 by selling meat at the local market. Now she and her partner own two big refrigerators to store the goods. Few people sell meat at that particular market and so she has many clients who purchase the products.
She is tidy person and thus keeps her products in clean and good condition. She is planning to expand her business. She is a diligent and open minded woman who says, "With the bank loans, I did many things such as paying the college tuition fees of my children. Now they all have jobs. My son also bought a car for himself with a loan from XacBank. I think my children and I are benefiting from the bank loans."
She is requesting a 2,000,000 MNT loan to buy a wedding gift for her son and to prepare for the wedding.
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.