Gombo is 23 years old and lives with his wife and his newborn daughter in Ulaanbaatar, the capital of Mongolia. They live in a 'ger', a Mongolian nomadic housing tent, in someone's backyard. His wife helps him with the business besides taking care of their infant daughter.
Gombo began selling children's clothing out of a rented stall in 2010. He brings the goods from China and sells them at the market. His business has become more stable and he has many regular customers. As a father of an infant child, he always tries to bring in good quality clothes. His current working capital is 1,500,000 MNT and he wants to increase it by expanding his business.
Gombo is a hard-working and initiative person who says, "We currently live in someone's backyard and we are planning to buy a property by saving some money." He is requesting a loan of 1,500,000 MNT to purchase more clothing from China 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.