Altangerel is a 42-year-old man who lives with his wife and 2 children in the suburbs of Ulaanbaatar city, Mongolia. His children study in secondary school.
Altangerel started retailing sacks of coal and wood in 2001. He owns a counter at the market center. Altangerel's wife helps him with the business activities. He is planning to buy a truck for his business in order to make it much easier to handle the activities.
Altangerel is an honest and gentle man who says, "I would like to expand the business activities by purchasing the coal and wood in large quantities. I have a further plan to buy a truck." The total amount he is requesting is 1,500,000 MNT to buy wood and coal.
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.