Mr. Choisuren is 31 years old. He lives with his wife and two children in a ger, a traditional nomadic yurt, in Ulaanbaatar city, Mongolia. His wife Herlenchimeg is a hairdresser and works at a local salon. His two children are both under the age of 8 and go to a local school and kindergarten respectively.
Choisuren has been running his retail shoe business in a rented location for a year. He has been trying to expand his business by selling DVDs and CDs in the spare space. He is now requesting a loan of 1,500,000 MNT to purchase a hairdressing chair and other equipment for his wife to provide hairdressing services. He and his wife are hardworking and friendly people.
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.