Ulziitogtoh is 31 years old and lives with his wife and two children in a ger, a Mongolian yurt, in the Suhbaatar province of Mongolia. His two children are one and three years old and stay at home with their mother. He manages a shoe repair business in his town. He started his business in 2000 with the help of his parents. However, he was able to open his own shoe repair business in 2005. With his earnings, he managed to build a house for his family. With six years of business operation, he has built a strong customer base and gained much experience. He is a diligent man who is planning to expand his business. He says, "I want to build a garage in near future also I want to have a car too." He is requesting a 2,500,000 MNT loan to purchase materials 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.