Mr. Lhagvasuren is 46 years old and lives with his 2 children in an apartment in the Selenge province of Mongolia. His son Enhbold, age 27, works at a mining company as a driver, and his daughter Enhchimeg, age 25, works at a local company. Lhagvasuren has been running a shoe retail business since 1996. He has gained a lot of experience and regular customers over the years.
He is now requesting 1,500,000 MNT to purchase an inventory of seasonal shoes to sell to local customers. He is a hardworking, optimistic and responsible man who also has a good record with his previous loans at XacBank.
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.