Enhbat is 42 years old and lives with his three children and wife in a small house in Govi-Altai province in Mongolia. His oldest son is a university student and his two younger children are high school students. His wife buys pelts at a local market. Enhbat started his business with his wife by reselling raw materials from livestock since 2000. He buys these raw materials from livestock from the countryside and sells them in Ulaanbaatar city. In 2008, he bought a car to purchase pelts from the countryside at lower prices and supply them to manufacturers at higher prices. He is planning to expand his business in the near future in order to improve his family's living condition. He is a hardworking and honest person who says, "My two children are growing up and will soon go to college. Thus, I want to save money for their education in advance." He is now requesting a 3,900,000 MNT loan to cover his son's tuition and other school-related expenses.
More information about this loan
This loan is part of XacBank's education program, designed to finance school tuition for students whose families have low incomes or work in informal sectors of the economy. Funds can be used for partial or complete payment of expenses related to secondary and higher education.
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.