Altansuh D., 28, is a married father of one son. His family lives in a "ger" (nomadic housing tent) district on rental land in Ulaanbaatar, the capital city of Mongolia. His son, Yusuntumur, is 2 and taken care of by Altansuh's mother-in-law.
In 2004, Altansuh started running a retail business selling a variety of small items depending on the season. For instance, he sells balls and other outdoor toys in the summer. In the autumn, he sells books and school suits, while in the winter he sells socks, gloves, Christmas trees, etc.
Altansuh goes to Ereen, a Chinese border city, once or twice a month to purchase goods for his business. Since last summer, Altansuh's wife, Otgon, who is 27, has been helping her husband's business. With the profit, Altansuh has already started saving small amounts to have his own place to live. "By 2010, I’m aiming to purchase a plot of land and a small house unless land prices increase," he said. With this loan, he will purchase outdoor toys such as basketballs and kites 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.