Purevdorj G. is 40 years old and lives with his wife and three children in the Bayanhoshuu district of Ulaanbaatar, the capital of Mongolia. He and his family live together in their own house with a fence. His three children attend a local high school.
Purevdorj operates a shoe-making business. He and his wife started their business in 1992 and have since gained much experience in shoe-making. Over the years, he has managed to establish his business into a stable operation with a customer base.
Purevdorj wants to raise money and help his children go to university and be well-educated. Purevdorj is a modest and hardworking person and is requesting a 2,500,000 Mongolian tugriks loan to purchase materials and supplies at a wholesale price for making shoes.
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.