Erdenebileg B. is 41 years old and lives with his wife and three daughters in the Hovd province of Mongolia. He and his family live together in a ger, a traditional Mongolian nomadic tent. His oldest daughter attends university while the two youngest ones attend a local high school. His wife operates a clothing retail business while Erdenebileg drives a taxi in the local community. At first, he began his own business in 1998 by operating a clothes trading business. After many years of operation, he was able to start operating a taxi service to supplement his earnings. His wife is now responsible for the clothes retail business. For the future, he plans to expand his business and buy one more shipping container so they can sell a variety of clothing items. Erdenebileg is requesting a 3,200,000 MNT loan in order to purchase more winter clothes and to start providing a car repair service.
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.