Sugar, 46, is married and lives with his wife and son in Ulaanbaatar, the capital of Mongolia. They have an average standard of living and they live in a house on a small plot of land that they own. Sugar's wife works as a kindergarten teacher and his son attends a local secondary school. Sugar began retail trading in food and groceries in 1987. Now he operates a PC Game center in addition to his food shop. He wants to expand his business and enlarge his food shop and PC Game center as well. He is a hardworking and modest person who says, "I want to save money for my son and help him to finish college". Sugar is requesting a loan of 2,500,000 MNT to renovate one room of his grocery store for his new PC game center 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.