Mendsaihan M. is 35 years old and lives with his wife and three children in the Bayanhongor province of Mongolia. His oldest daughter attends a local secondary school, his middle son is in kindergarten, and his youngest son a one-year old baby. Their household's standard is normal. His wife, Odgerel, helps in her husband's business.
In 2004, after moving from the countryside, Mendsaihan and Odgerel bought and started to run a grocery shop with a working capital of 9,500,000 Mongolian Tugrik (MNT). Since then they have built a stable business operation.
Mendsaihan is a very hard-working person and is very focused on growing his business. He says, "I plan to expand my grocery shop into a big supermarket." He is requesting a 2,500,000 MNT loan to purchase more grocery products for his shop.
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.