Sod-Erdene is 34 years old and lives with his wife and two sons in a 'ger', a Mongolian traditional nomadic housing tent, in Uvurhangai province of Mongolia, His older son attends local secondary school while the younger one is in kindergarten.
Sod-Erdene manages an auto repair business in his town. He started his business in 2010 after working as a repairman for four years at a private company. Even with only one year of business operations, he has been able to employ one more worker and is planning to expand his business in the future.
Sod-Erdene is a hard-working man who attributes his success to his good accounting skill. He says, "I am trying to provide the best services to my customers in order to attract them and to continue to expand my business in the future." He is requesting a 3,000,000 MNT loan to purchase auto parts and to employ yet another worker.
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.