Otgontugs, 30, lives with his wife in an old small house in Ulaanbaatar, Mongolia. His wife helps with his business. He has been running his shoe production business since 2008. He makes buryad shoes and art shoes. He is well known to the customers and they always appreciate his shoes as quality. Thus, his business has had many regular customers such as art college students and art organization staffs. In this summer, Otgontugs plans to repair his old workplace in order to live and work in a comfortable environment. He is requesting 3,500,000 MNT to buy the necessary building materials to repair his workplace.
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.