Rentsen is 33 years old. He lives with his wife and two sons in a ger, Mongolian traditional nomadic housing tent, in Hovd province, Mongolia. Rentsen’s wife is unemployed and his two sons go to a local secondary school. For the past three years, he has run a photo service business. In order to increase his family’s earnings, Rentsen also started a taxi service business last year.
Rentsen is requesting a 1,800,000 MNT loan to purchase a printing machine and some materials for his photography business. He is a good person who says, “I want to buy a printing machine with the loan.”
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.