Ochirsuuri is a 42-year-old man who lives with his wife and two children in Uvurhangai province in Central Mongolia. His children go to the high school. He has been running wood and iron-working retail business since 2001. Over this period, the business has been successful and his wife started working at the shop counter, selling the products. Ochirsuuri also built a new workplace for the business.
Ochirsuuri is a talented man who says, "I would like to expand the business activity by buying necessary equipment because the old equipment is broken and needs to be replaced." The total amount he is requesting is 1,000,000 MNT to buy the necessary 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.