Enhbayar is 46 years old and lives with his wife and three children in Arhangai Province, Mongolia. They have been living in their current home for 15 years. In 1999, he rented a counter at a local market and started his used product trading business. Since he started his business, Enhbayar has been able to pay his children's university tuition fees and afford his household expenses. Currently, he has a working capital of 3,000,000 tugrug (~2100 USD). His wife has been supportive of him and his business since the beginning. Enhbayar is a very hard-working person. He is requesting a 2,500,000 tugrug loan to purchase additional inventory in Ulaanbaatar, the capital city of Mongolia.
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.