Mr. Erhembayar is 39 years old and lives with his wife and daughter in a ger (a Mongolian yurt) in the Govi-Altai province of Mongolia. His wife's name is Enhtuya and she helps with his business. His daughter stays at home because she is three years old. In 2012, he started his own grocery business in a rented space in the local trade center. He is a hardworking and modest person. Today, Mr Erhembayar needs a 4,000,000 MNT loan to purchase inventory for his retail grocery business. He is planning to invest the profits from the business to buy his own grocery store. His goal is to expand 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.