Davaasambuu is 50 years old and lives with his wife and four children in Uvs, one of western provinces of Mongolia. His oldest two daughters, aged 22 and 25, are employed, while the youngest two sons, aged 15 and 19, go to a local secondary school. He and his family live in a "ger", a traditional Mongolian tent. Davaasambuu operates a flour and noodle trading business out of a rented stall at the local market in his town. He started his business in 2000 and has built a stable business over the last nine years. Today he has much experience as a businessman and has a great reputation among his many customers and suppliers. His earnings have enabled him to improve his living situation and purchase a car for family use. Davaasambuu hopes to continue to expand his business in the future. He says, "My goal is to one day own the shop I'm working at now." Davaasambuu is requesting a 2,100,000 tugrug loan to purchase flour and noodles to sell.
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.