Maruush is a 57 year old man who lives with his wife and 2 daughters in Bayanhongor province in Southern Mongolia. His wife is a retiree. He started a food market business in 1992. Then he started a flour business. But since 2000, he has been running a home furnishings and toys retailing business.
After long research on different types of businesses, he found out this is the right and profitable business by which he can provide for the family's needs and has a future to be widened. Maruush is a good-natured man who says, "I would like to expand the business activity by purchasing the supplies in large quantities so that I can save the transportation expenses from China and trade them in good prices to my regular customers". The total amount he is requesting is 1,450,000 MNT to buy home products and new toys.
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.