Altangerel is 42 years old and lives with his wife and two children in a house in Uvurkhangai province, Mongolia. His children, aged six and two, are in kindergarten. Altangerel operates a tire repair and sales business in his town. He started his business in 2006 after conducting a raw materials trading business for several years. At first he conducted only the tire repair business but after two years of stable business growth, he expanded into tire sales in 2008. In a short amount of time he has gained much experience in his business and has built a strong customer base. His profits have allowed him to buy a new house and a yard for his family. Altangerel is a hard-working man and has a good personality. For the future, he has many plans to expand his business. He hopes to expand his tire selection and says, “I am also planning to have my own auto repair shop in the future. It is important because I must save for my children's future." Altangerel is requesting a 3,000,000 tugrug loan to purchase tires and tire 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.