Byambajav is 51 years old and lives with his wife and two children in Zavhan province, Mongolia. He and his family live in a ger, a traditional Mongolian tent. His son, 18 years old, and daughter, 22 years old, both attend university while his wife is disabled and must stay home.
Byambajav operates a grocery trading shop in his town. He started his business in 2000. His business has been quite successful which has allowed him and his family a better quality of life. With his earnings, he was able to pay the tuition fees for both of his children.
Byambajav is planning to open one more grocery shop in order to increase his sales channels. He is an open-minded and hardworking businessman with lots of plans for the future. He is requesting a 3,000,000 tugrug loan to purchase grocery products for his shop and to pay the tuition fees of his children.
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.