Dashnamjil O. is 26 years old. He is married and has an 8-year-old son. He currently resides with his mother, wife, brother and his son in Ovorhangai province, one of Mongolia's central provinces. His son has just started high school this year. Dashnamjil sells various women's and men's clothing at the local market. He bought a stall located inside the market and started selling clothes for locals. He usually purchases various women's and men's clothes from Ereen, China, a border town, from which many of Chinese cheap products are imported. Since the start of his business in 2004, he has been quite successful and has managed to expand his business by adding more varieties of clothes. In the near future, he would like add an even wider variety of clothes as locals' tastes and styles change with time. He says that he would like to expand his business aggressively and investigate different lucrative business opportunities in the town.
He requests a loan to purchase more inventory of clothing for his retail 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.