Erdenechuluun is 40 years old and lives with his wife and two children in Tuv province, Mongolia. He and his family live together in a house which belongs to his parents. His two children, ages 18 and 11, both attend a local secondary school.
Erdenechuluun operates an auto repair and spare parts trading business in his town. He gained experience in his business by previously working in Japan between 2004 and 2009. He helped his brother import Japanese jeep tires to sell back home in Mongolia. Since coming back to Mongolia and starting his own business, he has worked hard to establish himself and support his family. Erdenechuluun has made quick progress over the last year and attributes his success to his good communication skills. He is optimistic about the future and says, “I would like to expand my business and improve my family's quality of life.” He is requesting a 2,000,000 tugrug loan to purchase more jeep tires from Japan for his auto parts 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.