Basbaatar N. lives with his wife in Ulaanbaatar, the capital city of Mongolia. Basbaatar, with his wife, moved to the capital a few years ago. Since the move, he has been running a small retail business in the Narantuul market, the largest outdoor market in Ulaanbaatar. With his wife, Basbaatar sells women's and men’s clothing at the stall that he rents in the Narantuul market. Basbaatar frequently travels to Beijing, China where he purchases cheap yet high quality clothing for his business. When he travels to Beijing, his wife Odgerel sits at the stall and sells the clothing. It has only been a couple of years since Basbaatar married his wife and they do not have any children yet. They would like to build a small house on the plot of land they own. Basbaatar hopes to have the house built before his first child is born. He requests a loan to purchase more clothing from Beijing, China. In the picture, Basbaatar's wife, Odgerel, is at their stall at the market.
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.