Munhdalai is 36 years old and lives with his wife and son in Bayanhongor province, Mongolia. He and his family live together in a ger, the Mongolian nomadic tent. Their quality of life is good.
Munhdalai and his wife have been running a mobile food-trading business since 2003. Besides this business, he operates a coal-trading business with his truck during the winter and sometimes he operates a taxi service in the center of his own province. Munhdalai is a very hardworking person and says, “I would like to operate a permanent food-selling business in the center of the province with my business profit.” He plans to begin building this business next summer. He is requesting a 2,200,000 tugrug (~ 1548 USD) loan to increase the working capital of his business.
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.