Bayarsaihan is 43 years old and lives with his wife and two young sons in Arhangai province, Mongolia. He and his family live together in a ger, the Mongolian nomadic tent. Presently, he operates a meat trading business and a taxi service in his town. He started his meat trading business in 2004 with a working capital of 300,000 tugrugs (~ 212 USD). In this business, his wife, Ariuntungalag, sells the meat at a local market. They have steadily expanded their business and today, following a lot of hard work, their working capital exceeds 1,000,000 tugrugs (~ 705 USD). In addition to the meat business, he started operating a taxi service business in 2007. This business was started with a car which Bayarsaihan purchased with his meat business profits. He uses his business profit to provide money for the family's expenses. Bayarsaihan is requesting a 1,300,000 tugrug (~ 915 USD) loan to purchase a variety of meats in order to resell them for a profit.
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.