Gombo H., 70, lives with his wife and son in Hovd province, Mongolia. He operates a grocery store in his yard. He has been operating his business since 2003 and has built a stable operation over the past seven years. His grocery store has an excellent location.
Gombo's wife, Avirmed, is retired and helps with her husband's business. Their son is a 32-year-old professional photographer, and is currently living at home due to a headache disorder.
Gombo is a very hardworking and decisive person who has taken responsibility for his family. He is requesting a 2,000,000 tugrug loan to purchase more food products for his grocery store.
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.