Chuluunbat, 25, is married and lives with his wife and one-year-old son in Uvurhangai province of Mongolia. They have been living together in a small house for the past two years. After graduating from high school, Chuluunbat started his own transportation business. Chuluunbat operates a taxi business. His business runs between his town and Ulaanbaatar, the capital of Mongolia.
Chuluunbat also helps his wife, who operates a sewing business. She started her sewing business in 2009 making traditional items such as deels, traditional clothing, and coverings for Mongolian nomadic housing tents. She got a loan from our bank to buy a sewing machine and other necessary tools for her business. She operates her sewing business in a rented space and is now popular in her area for making traditional items.
This family wants to expand their business in order to support their needs and save money for their son's future education. Chuluunbat is requesting a loan of 3,000,000 MNT to buy more tools and spare parts for his car also for his wife's sewing machine.
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.