Umirbek K. is 26 years old and lives with his wife and son in Bayn-Ulgii province, Mongolia. He and his family live together in a ger, which is a traditional Mongolian nomadic housing tent.
Umirbek operates a clothing trading business in his town. He started his business in 2003 and has made much progress over the years. Umirbek purchases his products from Taikeshken, a Chinese border town, and resells them for a profit with the help of his wife. Currently, his working capital is 3,000,000 MNT.
Since he started his business, his family's living conditions are greatly improved. He is a hardworking person and focused on the future. Umirbek has been planning to save money to support his family and invest in the future of his business. He is requesting a 3,500,000 MNT loan to purchase a variety of clothing from China.
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.