Luvsantseren S. is 61 years old and lives with his wife and four children in the Chingeltei district of Ulaanbaatar, the capital city Mongolia. His children range in age from 21 to 33 years and they help out with their parents' business. He lives with her wife in a ger, a traditional Mongolian nomadic tent, while the children live in houses separately in the same yard.
Luvsantseren began his business in 1993 specializing in the sale of electric cable, accessories, tires and other electrical stuff. He sells at three rented stalls in Narantuul, the biggest and most crowded market in Ulaanbaatar. He says, “My only wish is to complete the new house which is under construction now”.
Luvsantseren is requesting a 3,500,000 MNT loan in order to increase his business working capital and purchase more electrical stuff and items at wholesale prices to retail in 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.