Enh-Amgalan is 23 years-old and lives with his wife and two year-old son in Tuv province of Monglia. He and his family live in a Ger, a traditional Mongolian nomadic tent. His wife is pregnant and is currently staying home with their son. Enh-Amgalan supports his family by operating a grocery store in his town. He started his business in 2008 with working capital of 1,500,000 tugrugs (~1050 USD) and since then his business has grown and now his working capital exceeds 4,000,000 tugrugs (~2800 USD). Enh-Amgalan was able to purchase a car from his grocery profits and now is also operating a taxi service in his town in order to supplement his family’s income while his wife is at home. He says, “I want to have my own shop in order to expand my business in the future.” He is requesting a 2,000,000 tugrug (~1400 USD) loan to purchase groceries 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.