Dorjsuren is 26 years old and lives with his parents in the Zavkhan province of Mongolia. He and his parents live in a Mongolian traditional nomadic tent called a “ger”. Dorjsuren operates an electronic appliance repair business both in his town and in Ulaanbaatar, the capital city of Mongolia. He began his business in 2003 after graduating from technical school with a degree in electronics repair. When he first started his business, he worked out of his home; however, he soon earned a good reputation amongst his customers and a steady income that allowed him to move into a store. He has plans for his business in the future, including growing his Ulaanbaatar branch so that he can attract new clients. He says, “I am planning to get married next year, so I need to save some money for that.” Dorjsuren is requesting a 2,000,000 tugrug (~1400 USD) loan in order to purchase appliance 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.