Genen is a 60-year-old widower who lives with his son in Ger in the Uvs province of Mongolia. His son Bayarsaihan, age 23, is senior student at the university.
The borrower has been running his business selling clothes in a local market since 1998. He is hardworking and responsible. He has gained a lot of experience and built strong relationships with customers over the years. He is now requesting 2,500,000 MNT to purchase inventory for his clothing business for seasonal sales.
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.