Gantulga J. is 43, married and the father of three children. All his children attend elementary school. Together with his wife Nosolmoo, he has been running a retail business since 1999. He goes to the countryside to sell food products to herders and buys whole animals for meat to resell to residents of the central provinces capital. When he started his business he had one million tugrugs. As a result of ten years of hard work, his working capital has increased to five million tugrugs. With the profit, he bought a vehicle for his business and family needs. Gantulga is a very open and loyal person. His hope is to provide his children with a high level education. He requests a loan to buy more food products to increase his business inventory.
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.