Ganzorig is 27 years old and lives with his wife and two-year-old daughter in a house in the Chingeltei district of Ulaanbaatar, the capital city of Mongolia.
Ganzorig’s brother gave him his house and shop building when he left the country in order to work in a foreign country. Ganzorig took the shop building and opened a grocery store there in 2007 with working capital of 6,000,000 tugrugs (~4140 USD). Since he began his business, his monthly earnings have increased to between 300,000 and 350,000 tugrugs (~205-240 USD) and he has been able to purchase furniture for his home. He would eventually like to purchase an apartment where his family would be more comfortable.
Ganzorig is requesting a 2,000,000 tugrug loan in order to purchase groceries for his growing 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.