Munkh-Erdene B. is 22 years old and lives with his wife and infant daughter in the Arkhangai province in central Mongolia. He currently operates a general goods retail business along with his wife in their town. Munkh-Erdene started his retail business in 2008 with capital of 500,000 tugrugs (about $345). His business has found much success in a short period of time. Today, his business capital exceeds 1,300,000 tugrugs (about $898).
In the future, he hopes to use his profits to expand his business by increasing the variety of goods that he sells. Munkh-Erdene attributes his success to his hardworking and modest business style. His dream is to one day own his own workspace and to purchase a car.
He is requesting a 1,200,000 tugrug loan to procure more goods to sell at 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.