Altangerel is 31 years old and lives with his mother and younger siblings in a house in Uvurkhangai province, Mongolia. He supports his family by operating a motorcycle sales and repair business in his town. He sells a variety of Chinese motorcycles to the public. Due to the rough terrain and lack of roads in the Mongolian countryside, motorcycles are a popular form of transportation. Altangerel started his business in 2007 after helping his mother manage her consumer goods business for two years. He has gained much experience and earned a positive reputation amongst his customers. His earnings have enabled him to buy a house and yard for his family. Altangerel is a very open-minded businessman and is known for his good character. He is focused on the future and says, “I want to continue to improve my business.” He is requesting a 1,500,000 tugrug loan to purchase motorcycle parts 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.