Suhnorov is a 27-year-old man who lives with his wife and two daughters in Tosontsengel Soum. His wife makes traditional clothes and sells them. Their daughters go to the kindergarten. He has been running a clothing business in which he brings the products from Erlian, a neighboring city in China. He has already made permanent customers during these two years. He sells the goods, especially women's clothes, from a shop counter of the main market in the area. He is a really inovative guy who says, "I would like to run my business successfully with your help. I have further plans to extend my business and raise my family income." The total amount he is requesting is 500,000 MNT to use to bring in goods from China.
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.