Esunjol T. is 28 years-old and lives with his wife and two children in Bayan-Ulgiy province, western Mongolia. His two children are too young to attend a school so they stay at home and his wife helps him out with his fruit selling business. Since 2004, Esunjol has been operating two types of businesses from rented stalls at a local trade market - fruit retailing and furniture sales.
Esunjol started his business with a working capital of 1,500,000 MNT but after several years of stable earnings, he used his savings to expand his business. The working capital now exceeds 3,5000,000 MNT and he was able to purchase a truck for his business. Esunjol is a hard working and polite person who wishes to buy a small car as well. He is requesting a 3,000,000 MNT loan in order to purchase a large quantity of fruit and vegetables for his business from Hovd, a neighbouring province of Bayan-Ulgiy.
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.