Amanjol M. is 30 years old and lives with his wife and child in the Bayan-Ulgiy province of western Mongolia. He and his family live in a ger, a traditional Mongolian nomadic tent.
Amanjol is a very busy man, owning not just one business, but two. He operates a shoe repair business in the local market during the day and he drives a taxi at night. Amanjol began his shoe repair business in 2000 with the help of his mother, and since 2009 he has been operating the business alone. He is a very gentle and hardworking man and says, "I would eventually like to change my workplace for the future so that I can grow my earnings and expand my customer base." Amanjol is requesting a 400,000 MNT loan to purchase more supplies (such as rubber, glue, leather and nails) that he needs for his shoe repair 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.