Boldmaa J. is 30 years old and lives with her husband and three children in Hentiy province of Mongolia. She and her family live together in a ger, a traditional Mongolian nomadic tent. Her daughter attends the local school and her youngest two children both attend the local kindergarten. Her husband helps her with the business.
Boldmaa and her husband operate a meat retail business in the local market in their town. They started their business in 2009 after running a business trading dairy products in a rented stall at the local market. Her business has grown quickly over the year and her monthly sales revenue reached between 2,000,000 and 2,200,000 MNT. She says, 'I want to expand my business while my children are still at young age'. Boldmaa is requesting a 3,000,000 MNT loan to purchase more meat in order to increase her working capital.
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.