Amarzaya is 31 years old and lives with his wife and three children in Khovd province, Mongolia. He and his family live in a ger, a traditional Mongolian nomadic tent. His two daughters, 8 and 10, both attend a local school and his wife helps with the family business. Amarzaya operates a clothing retail business in his town where he imports products from China and sells the items at the local market. He started his business in 2006 and established both reliable customers and suppliers. Besides his clothing trading business he manages a raw material trading business in order to supplement his earnings. For the future he is planning to expand his clothing trading business and have his own shop. He says, “I work hard in order to save money for my children’s education.” Amarzaya is requesting a 1,000,000 tugrug (~700 USD) loan in order to import more products from China.
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.