Moyor S. is 52 years old and lives with his wife and two adult daughters in the Songinohairhan district of Ulaanbaatar, a capital city of Mongolia. He and his family live in a ger, which is a traditional Mongolian housing tent. Both his daughters work.
Moyor operates a small grocery shop. He provides a variety of food products to his customers. He opened his grocery shop in 2003 and has since built a stable operation. For the future, he plans to expand his business so that he can afford to purchase a car for himself.
Moyor is requesting a 1000000 MNT loan to purchase more products in order to increase his working capital.
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.