Mr. Myagmar-Od is 26 years old and lives with his wife and son in her sister's house in the Bulgan province of Mongolia. His wife, Bulganchimeg, is 26 years old and works as a salesperson in a private company. His son, Telmuun, is 2 years old and goes to kindergarten. The borrower started his business of clothing retail at a local shopping center 4 years ago. He has built a close relationship with his customers and is well-known within the area. He needs an additional investment of 3,100,000 MNT to purchase seasonal clothes to sell during New Year's and Lunar New Year's to increase his income and improve his life. He is a hardworking, optimistic and diligent person.
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.