Bat-Erdene B. is a 40-year-old businessman who lives with his wife and their four children in Arkhangai province in central Mongolia. All of the children, three girls and a boy, attend the local secondary school. Bat-Erdene and his wife of 20 years began selling clothes at the local market in 2000. Because of their hard work and honesty, their business has grown rapidly and they have established a very positive reputation throughout the local community.
Bat-Erdene has proven to be a savvy businessmen. He has expanded his business to selling solar energy panels and electric generators after noticing they were becoming popular among the local farmers. He keeps his bookkeeping very neat, helping him track the costs and sales of the business.
The success of the business has enabled him and his wife to buy a van and a storage container at the local market, which will be used for the business. In the future, Bat-Erdene says, "I want to expand my business even more and have my own store."
Bat-Erdene is requesting a loan of 4,000,000 tugrugs to purchase more clothes, solar energy panels and electric generators from Erlian, China.
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.