Lhaasuren N. is 31 years old and lives with his wife and two daughters in the Bayanhongor province of Mongolia. He and his family live together in a ger, a traditional Mongolian nomadic tent. Both of his daughters attend a local secondary school. Lhaasuren owns and operates a consumer goods retail business in his town. He started his business in 2007 by selling a variety of consumer goods in a rented stall at the "Undrah" trade center. Since then, his business was successful enough to purchase a container where his wife has been operating a retail clothing business. They have found success with both businesses and their working capital has reached 2,000,000 MNT today. His earnings have enabled him to purchase a fence and a car for his family as well as the container for his business. Lhaasuren is a very modest and hardworking man and is requesting a 700,000 MNT loan to purchase more inventory goods for 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.