Uuganbayar B. is 22 years old and lives with his wife and 2-year-old son in a rented apartment Uvurhangai province of Mongolia. He owns a ger, a traditional Mongolian nomadic housing tent and yard. He has been an orphan since he was child and has been working very hard to support and raise his two siblings. His wife is currently unemployed and stays at home taking care of their son.
Uuganbayar operates a cellphone repair service, that he started in 2006, in his town. Since 2009, he has continued operating a cellphone repair service shop in a rented space at the local market after completing a cellphone parts and repair training course. Uuganbayar hopes to expand his business by selling cellphones in addition to his repair service in the future. Uuganbayar is a self confident and optimistic man. He is requesting a 3,000,000 MNT loan to purchase more cellphone parts and tools for his cellphone repair shop.
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.