Gombo is 52 years old and lives with his wife and son in a ger, a Mongolian yurt, in Uvurhangai province, Mongolia. His son goes to a local secondary school. With the help of his wife, Gombo manages a meat and dairy trading business. Generally, his wife is responsible for selling dairy products and Gombo is responsible for selling meat and meat products. He started his business in 2000 after having worked as a carpenter. Since that time, Gombo has managed to stabilize his business and has built a strong customer base.
Gombo is quite an experienced businessman who knows the unique features of his business very well. He is a hardworking and open-minded man who is planning to expand his business in the future. He says, “I want to save some money for my son’s education.” Gombo is requesting a 3,000,000 MNT loan to purchase inventory 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.