Gotov C. is 52 years old and lives with his wife and son in the Govi-Altay province in western Mongolia. His son attends a local high school while his wife helps him out with the business. The family's living conditions are good and this is possible because of his consumer goods trading business at a local market.
Gotov sells a variety of clothes and garments to customers. He purchases most of their goods from Beijing, China, once or twice a month depending on sales and transports them back to the market to sell. Gotov started his business in 2002 with the working capital of 1,200,000 Mongolian tugriks (MNT) and has quickly established himself in the local business community.
In 2004, he received a 600,000 MNT loan from Xacbank and paid the loan off in full, on time. Now his working capital exceeds 8,000,000 MNT. Gotov and his family hope to soon expand their business and increase their earnings.
Gotov is a gentle, hardworking and neat man. He says, “I am trying my best to save money for my son's education and enlarge my business in the future. I wish I would have a small clothes store in my town.”
He is requesting a 1,200,000 MNT loan to purchase more clothes and warm garments to sell for the upcoming autumn season.
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.