Erdenebat is a 42-year-old man who lives with his wife and a daughter in Bayanhongor province in Southern Mongolia. His child goes to the kindergarten.
He started a food store business in 2007 with his wife. Now the business activities are stable. There are many regular customers who use their store since it has a variety of choices. Erdenebat spends much for the transportation of the goods, so they are planning to buy a van to bring the supplies.
Erdenebat is a diligent man who says, "I would like to expand the business activities by purchasing a van to bring the supplies."
The total amount he is requesting is 2,500,000 MNT to buy a van to deliver his grocery products for his business.
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.