Gantulga J. is 48 years old and lives with his wife and three children in the Hovd province in Mongolia in their own apartment. Both of his elder children are university students while his youngest child attends a local secondary school. His wife helps him with the business.
Gantulga started his own business in 2005 by operating a raw material trading business. In 2009, he opened his second business, a used consumer goods retail business, after receiving a loan from the bank. Gantulga is a responsible for his raw material trading business while his wife manages the secondhand products retail business. Both businesses have proven to be successful, and the couple has managed to increase their working capital. Their earnings have enabled them to have their own workplace.
For the future, he hopes to continue having success with both businesses and he is planning to save money for his children's future education. Gantulga is requesting a 3,000,000 MNT loan in order to purchase more quality used consumer goods 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.