Horoldamba A. is 34, married, and the father of three sons. All of his sons are attending an elementary school. His family lives in Arhanghay, one of Mongolia's central provinces. Horoldamba runs a grocery store at the center province. In 2002, together with his spouse, Azzaya, Horoldamba started to run a food stall at the local market. He began his business with 1 million tugrugs ($1 USD=1400 MNT), which has now increased to 4 million tugrugs (~US$2800.00). A couple of years ago, Horoldamba decided to expand his business and open a grocery store, that is running today. With the profit he bought a pick up truck for his business needs. He requests a loan to buy food products for his business. Horoldamba is a friendly and helpful person.
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.