Ganzorig is a single father who lives with his mother and seven-year-old daughter in Khovd province in western Mongolia. His mother is retired and his daughter is an elementary school student. Ganzorig currently operates a construction material trade business out of a rented stall at the largest market in his town. There are few competing businesses at this market, and his business has seen steady growth. Ganzorig started his business in 2004 after moving to the province center in an attempt to make a better life for himself. Before, he worked as a herder in the surrounding countryside and sold his livestock to get money to start his business.
Through the years, Ganzorig has gained much experience and grown his business. His dream is to one day open an electric home appliances store that sells goods using bank leasing. He also hopes to save money to buy his own apartment and to be able to provide for his daughter's education. Ganzorig is a very optimistic person and is working hard to achieve his dreams. He is requesting a loan of $2,350 to purchase more supplies for his construction materials trade 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.