Idertsog is a 39-year-old man who lives with his wife and three children in the Arhangai province of Mongolia. Idertsog began his business in 2001 by selling a variety of consumer goods imported from China. This business started with a working capital of 1,000,000 tugrug (~700 USD). As his sales increased, so did his need for selling space. Therefore, in 2005, he bought a shipping container in which to sell his products and a truck to transport his products. Now his working capital is approximately 6,000,000 tugrug (~4200 USD). This business is the only source of earnings for him and his family, and he is requesting a 4,000,000 tugrug (~2800 USD) loan so that he may purchase more supplies and products for 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.