Batjargal is 32 years old and lives with his wife and two children in Bayanhongor province, Mongolia. He and his family live together in a traditional Mongolian housing tent called a ger. Presently, he operates a machinery and spare parts trading business in his hometown. Batjargal sells a variety of machinery parts in his two shipping containers at a local market. He has been operating this business since 2001 and has steadily expanded his business. Originally, he was a herder and owned a few heads of livestock in a remote area of his home province before he moved to the center of the Bayanhongor province, Mongolia.
Batjargal has been planning to expand his production line by purchasing Korean machinery parts and reselling them for a profit. He has gained much experience in the previous nine years and his business is very important to him. Batjargal is a very hardworking person and he has many plans for the future. He says, “I would like to expand my business in the future.” He is requesting a 3,000,000 tugrug 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.