Horoldavaa is a 28-year-old man who lives with his wife and 2 children in Uvurhangai province in Central Mongolia. His wife is unemployed and his 2 children are 4 and 1 year old. He has been running a cellphone repair and spare parts retail business since 2005 in his town. He is one of the first retailers who started retailing the spare parts in that trade center. He has already made many regular customers in the area and succeeded in the field. He has a further plan to continue the business.
Horoldavaa is a good-natured man who says that, "I would like to expand the business activity by buying some new equipment and program readers for the new cellphone technology." The total amount he is requesting is 1,000,000 MNT to purchase the new program readers and equipment.
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.