Chuluunbaatar C. lives with his wife and two children in Ulaanbaatar, the capital city of Mongolia. His two children go to a local kindergarten.
Chuluunbaatar has a degree in software engineering from the Mongolian University of Information and Technology. With the valuable knowledge he gained from his degree, he started a small retail business selling computers and computer-related accessories. Since its inception in 2002, his business has been doing pretty well. He now has a stable base of return customers. He requests a loan to import cheap computers from neighboring China. Chuluunbaatar dreams of one day having a large, full-service computer center.
His wife also runs a retail business, in construction and development, with about 1,000,000 MNT of capital ($1=MNT 1,600).
Chuluunbaatar and his wife would like to expand their businesses, as far as their capital allows. Their hope is to make sure they will be able to afford their children's college tuition.
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.