Altangerel is 41 years old and lives with his wife and two children in a house in Songino-hairhan district, Ulaanbaatar, the capital city of Mongolia. His two children, age eight and 11, both attend local secondary school.
He manages a coal and wood trading business at a local market called Hangai. He started his business in 2001 and gained much experience. Through years of business operation he managed to stabilize his business and is planning to continue it. He is an honest man who says, "I am happy to have consistent earnings by operating my business." He is requesting a 1,500,000 Mongolian tugrik (MNT) loan to buy more coal and firewood for his business sales.
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.