Regzen is 32 years old and lives with his wife and children in a house in the Hovd province of Mongolia. His wife helps him to manage the family business as a shopkeeper. He started his business in 2005 by selling foods and other products, and subsequently gained five years of work and business experience. Then in 2010, he opened a grocery store. He is planning to expand his business in the future. He is a family oriented and diligent man who says: "I want to expand my business and bring in products from Ulaanbaatar city." He is requesting a 3,000,000 MNT loan to buy more grocery products and to increase his turnover 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.