Jamsran is 34 years old and lives with his wife and three children in a house in Suhbaatar district of Ulaanbaatar, the capital city of Mongolia. His older two children, aged 10 and 12, attend secondary school while the youngest one who hasn't reached school age stays home.
Jamsran manages a cell phone repair and sales business at a rented stall at a trading center. He started his business in 1996 after his graduation as a cell phone repairman. Since then his business has been quite successful which allowed him to rent a stall in 2009. He is planning to expand and continue his business in the future. He is requesting a 2,000,000 MNT loan to purchase spare parts to repair cellphones.
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.