Mr. Magsarjav is 29 years old and lives with his wife and daughter in a small house in Orhon Province, Mongolia. His wife, Otgon-Erdene, age 24, studies at university for her masters and is now temporarily staying home taking care of their newborn baby daughter Enhsaran, 7 months. The borrower has been running his grocery store since 2010 on his plot of land. He is now requesting 2,500,000 MNT to purchase a fridge and other equipment and inventory to run his grocery store without temporarily stopping. He is a hardworking and optimistic person who says, "My wife has not yet graduated and I need to pay her tuition and also cover all my newborn daughter's expenses."
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.