Jargalsaihan, age 54, operates a clothes sales business in his town. He started this business in 2005. In addition, he runs a business trading plastic bowls and bottles. He collects used cans and bottles in bulk. He plans to obtain a large storage facility where he can load and store large quantities of cans and bottles.
He is a diligent man who is planning to expand his business in the future. He says, "Because of insufficient collateral, I am having difficulty receiving loans from banks." He is requesting a 700,000 MNT loan to purchase more bottles and to increase his working capital.
Jargalsaihan lives with his wife in a "ger," a traditional Mongolian yurt, in the Govisumber province of Mongolia. His wife is an inspector who works at a public organization. All of their children are grown and live separately.
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.