Altangerel P. is 32 years old and lives with his mother, siblings and infant daughter in Uvurhangai province in central Mongolia. He and his family live together in a ger, a traditional Mongolian housing tent. His mother operates a salt trading business, while he operates a machinery parts trading business in his town. He started his business in 2007 by selling motorcycle parts and providing a car repair service. Over the years, he has gained much experience in his trade and always tries to grow and improve his business. He has built a stable business and positive reputation among his customers, and today his working capital exceeds 1,000,000 MNT. His earnings have enabled him to have his own workplace. For the future, he hopes to expand his business by increasing his working capital, to improve his family's standard of living. Altangerel is a hardworking man and is requesting a 1,700,000 MNT loan to buy supplies for his motorcycle parts 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.