Enhbayar L. lives with his wife and three teenage children in Arhanghay, one of Mongolia's central provinces. All three children are high school students. Enhbayar has a small retail business selling secondhand shoes. His wife also works with him in his business. In 2000, Enhbayar started out by selling cheap secondhand shoes and clothes in the local market. He purchases secondhand clothing from the wholesale markets in Ulaanbaatar, the capital city of Mongolia. When he travels to Ulaanbaatar, his wife sells clothes and shoes at the market from his stall. In the near future, Enhbayar hopes to expand his business by adding new high demand clothing items. Enhbayar and his wife's ultimate goals are to make sure that all their children receive a good education and pursue their dreams without financial strain.
He has requested a loan to purchase more secondhand clothes for his 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.