Altangerel D. lives with his family in the province Arkhangai. He and his wife have 4 children. 3 of them go to school. He started his business in 2003, selling clothes in the market stand. Altangerel goes to Ereen, a Chinese border city, once or twice every month to purchase men's and women's apparel at cheaper prices. His business is running successfully and his working capital has increased from a start-up capital of 300,000 to 3,000,000 tugrigs.
As a result of his successful business, they could afford to build a house and buy a truck. In the future, they want to expand their business by producing construction blocks. He is requesting a loan of 3,500,000 to purchase more types of clothing.
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.