Sodtsatsral is 27 years old and lives with his wife and son in a ger (Mongolian yurt) in Tuv province, Mongolia. His wife looks after her newborn child. He started his phone repairing business in 2010. In the neighborhood, he is well known for his skills. Now that cell phones are evolving fast, he needs to buy additional equipment in order to fix modern smart phones. He already took the necessary training to fix the phones. However, he's lacking 850,000 MNT to buy equipment. He is a sharp and hardworking young man who says "I need to keep up with the technology in order to run my 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.