Vandan G. is 34 years old and lives with his wife and three daughters, ages 14, 12 and 7, in the Arhangai province of Mongolia. He and his family have been living in an apartment since 2002. All of his three daughters attend a local secondary school.
Vandan and his wife work together in their retail clothing business. They began this business in 2003 with a working capital of 500,000 MNT and after several years of hard work, their working capital now exceeds 2,800,000 MNT. He has used his earnings to support his family. Vandan says, "All I want is to raise my children to be good people with high education".
Vandan is requesting a 3,500,000 MNT loan to purchase more clothing items in order to expand 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.