Chuluundorj is a 24 year old single man who lives in his own home in Ulaanbaatar, the capital city of Mongolia. He operates a jeans retail trading business in a rented stall in the largest out-door market, Narantuul in the city. He started his business in 2005 with working capital of 1,000,000 tugrug (~700 USD) and a daily profit between 30,000 and 50,000 tugrug (~21-35 USD). Chuluundorj wants to expand his business and save enough money so that he can get married and start a family. He is requesting a 3,500,000 tugrug (~2460 USD) to purchase more varieties of jeans so that he can attract new customers.
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.