Tuvshin, 63, is married and lives with his wife in Dornod province of Mongolia. They lived in a condominium with their children and moved to their current home five years ago. Tuvshin opened a food store in 2006. He used to rent the store but purchased it on his own in 2009 with his business revenue. His wife helps him with the business. Tuvshin purchases the food from local wholesale markets. His wife replaces him while he goes to purchase the food. He is trying to expand his business and increase the amount and variety of food in his store. He is a modest, neat, hardworking, optimistic person who says, " I want to expand my business and upgrade my current car". He is requesting a loan of 1,200,000 MNT to purchase more food for his store.
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.