Suhgerel M. is a 39-year-old, hardworking man who lives with his wife and 4 children in Hovd province, Western Mongolia. His 3 older children attend a local secondary school, while the youngest stays at home.
Suhgerel started a taxi service in 2002. He sold his own herds for cash to buy a car that he could use as a taxi. His wife also runs a clothing business at the local market to help him to provide for the family. Their plan is to build a nice, big house to improve their quality of life and, also, to get a shipping container at the market which his wife can use as a workplace. The couple will work very hard to achieve their goals in the coming two years.
Suhgerel is requesting a 2,000,000 MNT to purchase spare parts for his car and more goods for the clothing 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.