Bayarsaihan is 30 years old and lives with his wife in Zavhan province, Mongolia. He and his family live together in a house, which they built themselves. During the day, Bayarsaihan operates a raw materials trading business in his town. He sells a variety of raw materials such as sheepskin to his many customers. Bayarsaihan has been operating his business since 2008. He also operates a transportation business. Bayarsaihan operated a grocery store business between 2004 -2009. He has been planning to expand his businesses in the future. Bayarsaihan is a very enthusiastic person who has good communication skills. He says, “I am working hard to build a bright future for my family.” He is requesting a 4,000,000-tugrug loan to purchase raw materials at wholesale prices and 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.