Munh-Erdene B. is 23 years old and lives with his wife and daughter in Arhangai province, central Mongolia. Munh-Erdene operates a retail clothing business which he began in 2008. He has proved to be a very hard-working entrepreneur with a lot of business and customer-service experience. He hopes to expand his business as well as enlarging the house in which the family currently lives. Munh-Erdene is requesting a 2,000,000 MNT loan in order to purchase more clothing for his business from Ereen, a border city of China, and grow his working capital.
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.