Meirambek is 39 years old and lives with his wife in Bayan-Ulgii province, Mongolia. He and his family live together in a house.
Meirambek operates a spare parts trading business with his wife. He has run this business since 2000, and has gained a great deal of experience. Initially, he operated a mobile spare parts trading business, but over the years he has expanded the business and in 2008 opened his own spare parts trading store. Meriambek purchases the spare parts and his wife sells them at their store.
Besides this business, Meirambek operates a taxi service in his spare time. With a lot of hard work and determination, their working capital now exceeds 6,000,000 MNT (~ 4225 USD), and the profit margins for the business are 30 per cent. In addition, Meirambek's wife has a savings account with 900,000 MNT (~ 635 USD) with the bank.
Meirambek has a great business mind and is focused on the future. He says, “I would like to enlarge my house for my family.” He is requesting a 4,000,000 MNT loan to purchase spare parts from Russia 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.