Otgonchuluun is 47 years old and lives with his wife and four of his children in a house in Ulaanbaatar, the capital of Mongolia. His older two sons, age 21 and 23, attend college while the younger four go to a secondary school.
He manages a leather clothing making business with the help of his wife. With 15 years of business operation he gained much experience. He is a hardworking and delightful man who says, "I have many children. Therefore I need to work hard to better my living condition." He is requesting a 2,000,000 Tugrik (MNT) loan to purchase leather 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.