Altansuh C. is 35 years old and lives with his wife and two children in Ulaanbaatar, the capital city of Mongolia. He and his family live in their own apartment. His wife is currently unemployed and takes care of their two children.
Altansuh operates a shoe business in the city. He provides a wide variety of shoes to satisfy his customer's needs. He owns a stall in the market where he sells his products. Initially, Altansuh borrowed 200 USD with with a high interest rate to begin his shoe business. Working alongside his wife, they worked hard to quickly grow the business.
Today his business operation is very stable. He has used his success to purchase a new home for his family. Altansuh is a modest, energetic and optimistic person. He says, “I had a serious car accident a few years ago, but I am happy to have overcome this terrible time in my life and create new success for myself. Now what I really want is to provide my children with favorable and safe living conditions."
Altansuh is requesting a 1,500,000 MNT loan to purchase a wide variety of summer shoes to sell at 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.