Mendee, 44, is married and lives with his wife and son in Govi-Altai province, Mongolia. They live in a ger, a Mongolian nomadic housing tent, on a small plot of land that they own. His wife helps him with the business and his son attends a local secondary school.
Mendee began retail trading of clothes in 2009. He started his business with a working capital of 600,000 MNT and his current working capital exceeds 3,000,000 MNT. His business is family-based as his wife helps him with the sales. They want to expand their business and increase their revenue.
Mendee is a hard-working and honest person. He is requesting a loan of 2,500,000 MNT to purchase more clothes from China 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.