P. Gerelmaa is 39 years old and lives with her husband and three children in Arkhangai province, Mongolia. She and her family live in a ger, which is a traditional Mongolian nomadic housing tent. Her three children, ages 11-17, all attend a local secondary school. Gerelmaa manages a meat trading business with the help of her husband at a local market in her town. Gerelmaa started her business in 2001 with capital of 600,000 tugrugs (420 USD). She has been operating her business successfully over the years and has built a good reputation amongst her customers and suppliers. Today, her working capital exceeds 5,000,000 tugrugs (3500 USD). For the future, Gerelmaa is working hard to grow her business and continue her success. She says, "My business goal is to deliver quality products to my customers." She is requesting a 2,000,000 tugrug (1400 USD) loan to purchase meat in order to increase her sales.
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.