Huanish A. is 43 years old and lives with his wife and three children in the Bayan-Ulgii province of Mongolia. He and his family live together in a ger, a traditional Mongolian nomadic tent. All of his three children attend the local secondary school while his wife works as a salesperson in the local grocery shop.
Huanish operates an animal raw-material trading business in his local market. He purchases raw materials from the countryside and sells them at his local market as a retailer. He began the business in 2003 and has built a stable operation. In addition, he also works as a driver in a company to supplement his earnings.
Today, his working capital exceeds 500,000 Mongolian tugriks (MNT). He plans to buy his own car in the future. He is requesting a 500,000 MNT loan to increase his working capital for his raw-material trading 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.