Gaamaa D. is 51 years old and lives with her husband and two children in Ulaanbaatar, the capital city of Mongolia. She and her family live in their own ger, a traditional Mongolian nomadic home tent. Her son works as a salesperson in the KJK company while her daughter is a teacher at the Kanan Co.ltd. Her husband is retired and currently helps out with the business.
Gaamaa has been operating clothes selling business since 2009 in the rented outdoor space at the Urt Tsagaan trade center in Ulaanbaatar. Over the many years of operation, she has gained a lot of experience as a businesswoman and her daily revenue reaches between 90,000 and 100,000 MNT. She pays rent fees of 100,000 MNT per month. She has had 13 loans and fully paid off all her loans on time. Gaamaa is a very modest and happy woman and says, " We have been living for many years in the ger and now I want to purchase an apartment where can live in the civilized environment with my family." She is requesting a 2,000,000 MNT loan to import products such as children's clothes and slippers etc, from China to sell.
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.