Enhtuya B. lives with his wife and 3-year-old daughter in Arhanghay, one of Mongolia's central provinces. His daughter goes to a local kindergarten. He has a small business selling food. He owns a small food store on the busiest street in Arhanghay. He sells various food products, including wheat products, soft drinks, and candies. He mostly purchases his food products from the wholesale markets in Ulaanbaatar, the capital city of Mongolia. He started his business in 2008 with 700,000 MNT (1 USD = 1,400 MNT) and his business capital has now increased to 4,000,000 MNT. In the future, he hopes to expand his food store by adding more food items. Enhtuya requests a loan to purchase more food products 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.