Uuganbayar S., 41, is married and lives with his wife and two sons in the Tuv province of Mongolia. They live in their own house on a small plot of land that they own. His older son attends local high school and his younger son goes to kindergarten.
Uuganbayar started operating his current food store in 2000. His wife works at the store as a salesperson. Uuganbayar also works for a company as a security guard where he spends three days a week. Besides working as a security guard and operating his food store, he drives a taxi.
He is a hardworking man who is trying to save money for his children's further study. He says, " I want to expand my business and increase my profit in order to give the opportunity to my children to study at a college." He is requesting a loan of 3,000,000 MNT to purchase more food to sell and 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.