Tuul is 32 years old and lives with his wife and three children in a ger (Mongolian yurt) in Bayanhongor province, Mongolia. His wife babysits her youngest daughter at home and the other two children are school students. Tuul operates a clothes-selling business. He started his business earlier this year by buying a 20-foot container at the market. His business is doing very well. Now that winter is approaching, he needs warmer clothes to sell. He is requesting 1,000,000 MNT to buy winter clothes. Tuul is a sharp and diligent man who says, "Even though I'm fairly new to the business, the income is fairly good and I have a mission to build my own store one day."
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.