Ganhuyag is a 46-year-old man who lives with his wife and two children in Arhangai province in Central Mongolia. He started his shoe repairing business in 2006 with his wife. They both have been running the business successfully. The local people have already found their business reliable and good quality. They run the business inside their fence and they plan to expand the business activity by building a new workplace and buying some necessary modern equipment.
Ganhuyag is a hardworking man who says that "I would like to expand the business activity by having a new workplace for the shoe repairs and the equipment and machineries". The total amount he is requesting is 3,500,000 MNT to build the workplace and buy the shoe repairing 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.