Amartuvshin G. is 36 years old and lives with his wife in Hovd province of Mongolia. He and his wife live in a ger, a traditional Mongolian nomadic tent. Amartuvshin operates a clothing store in his town. He started his business in 2007 with working capital that was given to him by his parents. Over the years, he has built a stable and successful operation and his earnings have enabled him to buy a new car that is used as a taxi. Moreover, he has used his earnings to start building a new house in his yard which is not completed yet. He and his wife operate a taxi service to supplement their family income. His current working capital has decreased because of buying the new car, therefore he needs more funds in order to increase his working capital to purchase more clothes to sell. Amartuvshin is requesting a 1,500,000 MNT loan to import more winter clothing from China to sell.
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.