Gundsamba is 24 years old and lives in a rented ger, a Mongolia yurt, with his brother and mother, in Ulaanbaatar city, Mongolia. His youngest brother graduated from college this year but is still unemployed. He and his older brother started a grocery business five years ago. He is planning to own the food court land in the future. Gundsamba graduated from the University of Agriculture in 2011. He is a polite and kind man. He is requesting 600,000 MNT to purchase more inventories for his food sales during the Naadam festival and increase the sales turnover.
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.