Hurelbaatar is a 29-year-old man who lives with his wife and a son in the capital city of Mongolia. His wife is unemployed and takes care of the baby. He has been running a business repairing shoes since 2008. He owns a small counter where he runs the service. He gained many regular customers who appreciate the service he supplies.
Now he is planning to improve the business activity by purchasing some necessary equipment for the business. Hurelbaatar is a easy-going man who says, "I would like to purchase some necessary equipment for the business to improve the business activities." The total amount he is requesting is 3,100,000 MNT to buy shoe repair 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.