Chuluunbaatar D. is 45 years old and lives with his wife and two daughters, aged 16 and 18, in the Huvsgul province of Mongolia. He and his family live in a ger, a traditional Mongolian nomadic tent. His daughter attends a local high school and Chuluunbaatar operates a used clothing and shoes retail business with the help of his wife. He has been engaged in this business since 2007 and has gained much experience since then. In the future, he hopes to expand his business by selling more and different kinds of used items through his stall. Chuluunbaatar is requesting a 2,500,000 MNT loan to purchase more quality used clothing and shoes in order to increase his product lines.
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.