Genden E. is a 40-year-old who lives with his wife and two teenage children in Ulaanbaatar, the capital city of Mongolia. His eldest daughter goes to a university in Hoh Hot, China. She is a second-year student in the local Chinese university. His youngest son is a student in a local secondary school in Ulaanbaatar. E. sells motorcycles as well as their accessories and spare parts in the auto-market in Ulaanbaatar. He imports various motorcycles from China and retails them at a profit in Ulaanbaatar. He says that his business has been good since its start and is the main source of his family income. He further says that he would like to expand his motorcycle business and continue paying his daughter's school tuition in China. He requests a loan to purchase more motorcycle accessories and spare parts for his business.
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.