Avdoldo is 31 years old and lives with his wife and two children in a ger, a Mongolian yurt. They live in Hovd province of Mongolia. Avdoldo operates a business selling clothes. His wife helps with the business, and his two children are in kindergarden. He started his business in 2010. He buys garments from China and sells them. His business is going so well, but he needs some help to increase his inventory. He is a hardworking and diligent man who says, "I am surprised by the progress of my business, and I want to broaden my range of products." He is requesting a loan of 2,000,000 MNT to buy more clothes.
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.