Malchinhuu is 47 years old and lives with his wife and two kids in Western Mongolia. His wife does construction decoration in summertime and his two kids study at the local secondary school. He has been retailing sacks of wood and coal since 2002. His sales have been rising lately and he is planning to get the supplies in large amounts so that he can expand the business activities.
Also, he operates a taxi service business using his own car. He is a bright and good-natured man who says, "I would like to expand the business to make it easier for me and for my customers. I have further plans to save for my kids' college fees." The total amount he is requesting is 1,200,000 MNT for the supplies.
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.