Odonhuu, 45, is married and lives with his wife and three children in Uvs province of Mongolia. They live in a house and they have a decent standard of living. His wife helps him with his business, and his youngest son attends local secondary school.
Odonhuu used to operate a welding service and began a cell phone repair service and cellphone parts trading business in 2009. He operates his cell phone repair service in a rented shop where his wife sells cell phones. He pays 45,000 MNT for the monthly rent of the shop and his monthly gross income is between 200,000 and 250,000 MNT.
Odonhuu is a hard-working and modest person and as a result of their family-based business, they have bought their current house and the car, which is in the photo. By expanding the business, they want to buy a shelter in Ulaanbaatar, the capital of Mongolia, for their children. He is requesting a loan of 3,000,000 MNT to purchase more cell phone parts and tools for his business.
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.