Sanjgerel is 47 years old and lives with his wife and two children in Ulaanbaatar, the capital city of Mongolia. He and his family live together in a ger, the traditional Mongolian nomadic tent. His wife, Oyunchimeg, works as a weaver in the Ulaanbaatar carpet factory. Sanjgerel operates a grocery store near his home with the help of his 20-year-old daughter. His grocery store is in a good location and his business is stable. Sanjgerel has been planning to purchase large amounts of products for his store to increase his sales. Sanjgerel is a very hard-working person and says, “I would like to expand my grocery store and to improve its outside design.” He is requesting a 2,000,000 tugrug (~ 1465 USD) loan to increase his inventory.
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.