Altanzul S. is a 26-year-old young man who lives with his sister and her two children in an apartment in Selenge province, Mongolia. His sister works as a chairman of the transportation section in Suhbaatar's train station. Altanzul operates a photo studio in his town. He began his business in 2004 when he was student at Mongolian National University, by operating a photo studio in a rented space on Student's Street, Ulaanbaatar. After graduating from the university in 2005, he started to work in his town's train station as an agent. In 2006, he decided to operate a photo studio, which he opened in a rented space.
Since then, he has expanded his business by obtaining a loan in dollars equal to 10,000,000 MNT from Xacbank and purchasing high quality equipment and tools that are used in the professional studio. Over the years, he has built a stable operation and has been providing a professional photo service to his community. He hired one more worker and they run their business at a sustainable level. Altanzul is a very hardworking man and hopes to get permission the establish a legal entity and expand his business in the future. He is requesting a 3,000,000 MNT loan to purchase necessary supplies, material and equipment for his photo studio.
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.