Altangerel is 34 years old and lives with his wife and daughter in a ger (Mongolian yurt) in Uvurhangai province, Mongolia. His wife operates a spare parts trading business for cell phones. She started this business at the end of 2011. Altangerel started his motorcycle parts shop and repair service business in 2007 by renting a counter in a market. Ever since he started his business, he has successfully become an official distributor for major companies. Therefore, his income is stable and he has become known to many customers. However, his resources aren't sufficient to supply the customers. He's a sharp and hardworking man and he's requesting 3,800,000 MNT to purchase more supplies for his motorcycle parts shop and for his wife's 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.