Erdenebat is a 54 year-old man who lives with his wife and a daughter in Selenge province in Northern Mongolia. His wife is employed and his daughter is a college student. He started a car spare part retail business in 2003. He purchases the supplies from Russia and trades them at the capital city market in wholesale. He has number of regular reliable customers. The business activities are stable. Erdenebat is a talented businessman on the field and he says: "I would like to expand the business activities by purchasing the spare parts in large quantities. I am planning to improve the family livelihood level."
The total amount he is requesting is 2,700,000 MNT to buy spare parts in wholesale.
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.