Rentsen T. is 32 years old and lives with his wife and two young children in the Hovd province of Mongolia. He and his family live together in a ger, a traditional Mongolian nomadic tent. His wife stays home and takes care of their children. Rentsen operates a photo and color printing business in the local community. He has been engaged in his business for three years and has gained much experience and a good reputation among his customers. He is requesting a 600,000 MNT loan in order to purchase a new photo printing machine 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.