Punsalmaa is a 47-year-old widowed mother of one who lives with her son in a ger (Mongolian yurt) in Bulgan Province, Mongolia. Her son is a school student. She started her small commodity retailing business in 2001 by selling items in the streets. She sells souvenirs, strings, toys, etc. Now that she is the only one with the income in the family, she rented a counter in a market. However, she needs a supply to run a business. She is a strong and hard-working woman who says, "It's been hard since my husband died, however I will never give up and I will do everything I can to support my son." She is requesting 500,000 MNT to buy more supplies 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.