Byambaahuu is 65 years old and lives with his wife in Arhangai province, Mongolia. He and his wife live together in a ger, the Mongolian nomadic tent. His son, Tomortulga, works in Ulaanbaatar, the capital city of Mongolia. Byambaahuu operates a grocery store in his town with the help of his wife. He started his business in 1998 with working capital of 1,000,000 tugrugs (~ 705 USD), and since then, he and his wife have built a stable operation. Today, his working capital exceeds 4,000,000 tugrugs (~ 2815 USD). They have been planning to expand their grocery store with their earnings in the future. Byambaahuu is a very hard working person who has good communication skills. He is requesting a 4,000,000-tugrug loan to purchase a variety of products from Narantuul trading center, the biggest market in Ulaanbaatar.
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.