Olzvoi is 55 years old and lives with his wife and son in eastern Mongolia. His wife is unemployed and his son goes to the middle school.
He started a garment retailing business in 2004 by getting the supplies from China. He purchases the clothes at a good price and it attracts more and more consumers. He plans to expand the business by getting the supplies in large quantities, thereby saving on transportation expenses.
He is a hardworking man who says that "I would like to extend my business activities to make it easier and more profitable". The total amount he is requesting is 3,000,000 MNT to get more garments from China for the 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.