Isa is 48 years old who lives with his wife and their four children in Bayan-Olgii province, Mongolia. He and his family live in a ger (traditional Mongolian nomadic tent). One of his children is a university student and his youngest son, Augantai is a secondary school student.
He has operated a clothes trading business with his wife since 1998. They pay 70,000 tugrugs (~ $50) per month to rent a counter at a Tauba Trading Center. Today Isa's working capital exceeds 3,000,000 tugrugs (~ $2111). He is a very hardworking and enthusiastic person. He is requesting a 2,800,000 tugrug (~ $1970) loan to purchase more inventory for his business. Isa says, “I would like to purchase a new car for my family and to continue paying for my children's tuition fees.”
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.