Altansuh D., 29, lives with his wife and son in Ulaanbaatar, the capital city of Mongolia. He and his family live together in a ger (the Mongolian nomadic tent) in a yard belonging to his parents-in-law.
Altansuh operates a stationary trading business at Narantuul, the international trading center. He sells books, a variety of stationery, and other products from a good location just next to the main entrance to the market. He has been operating his business with his wife since 2004.
Altansuh and his wife are expecting a new baby, and his wife has been staying at home with their 3 year old son. Altansuh is a very hardworking and enthusiastic person. He says, “I would like to expand my business. My responsibility has increased since my wife became pregnant.”
He is requesting a 2,000,000 tugrug (~1430 USD) loan to purchase balls and other small products 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.