Dulmaa is 35 years old and lives with her husband and three children in Uvs province, Mongolia. She and her family live together in a ger, the Mongolian nomadic tent. Dulmaa sells wooden products made by her husband at the “Itgelt” market. They have been living in their current home for six years. Her husband started his carpentry business with a man named Namsrai in 1998, but they have worked separately since 2002. Since that time, his business has expanded and he has purchased electrical appliances and equipment for the business, which he runs from his own home. Dulmaa is an honest and decent person. She says, “I would like to create my own workplace for the business.” She is requesting a 1,500,000-tugrug loan to purchase a large amount of wooden planks for the 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.