Bolormaa is a 44-year-old divorced woman who lives with her 2 children in a suburban area of Ulaanbaatar city, Mongolia. Her younger child studies at the secondary school. She started her boot-repair business in 1992. She has been running the business successfully since that time. The business activities are stable and profitable. She is planning to develop the business activities by having some financial support.
Bolormaa is a diligent woman who says, "I would like to expand the business activities by purchasing some modern equipment for the business." The total amount she is requesting is 1,000,000 MNT to buy equipment for her boot-repair 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.