Mr. Amarjargal is 24 years old and lives with his wife and daughter in a Ger in Sainshand soum, in the Dornogobi Province of Mongolia. His wife Dashmaa works at a local shopping center as a saleswoman. Their one year old daughter Margad-Erdene stays home with the parents-in-law during the day. For years before starting his own business, he worked at a DVD and CD rental and sales counter and gained experience in this business. He started his own DVD and CD shop in September 2011. He imports DVDs and CDs from Erlian, China once a month with a budget of 700'000 MNT. He is planning to expand his business to improve his family's living conditions and is requesting a loan of 2'000'000 MNT to import DVDs and CDs to sell at his rental counter to customers at the local market. He is hardworking, welcoming and friendly.
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.