Altangadas, 35, is married and lives with his wife and 10-year-old daughter in Mongolia's Uvurhangai province. They live in a ger, a traditional Mongolian nomadic housing tent. His daughter attends a local primary school, while he works at a taxi service he started in 2005. For the last two years, his wife has made a living selling cosmetics at a stall she rents in the local market. In addition to driving his taxi, Altangadas also helps his wife at her stall. As an experienced salesperson, his wife operates her cosmetic trading business successfully. They are planning to expand this business and build a winter house where they can live a more comfortable life. He is applying for a loan of 1,900,000 MNT to buy more cosmetics to sell in their stall.
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.