Chinbat is 36 years old and lives with his wife and three children in Zavhan province, Mongolia. He and his family live together in a house that they own. They have been living together in their current home for 13 years. Currently, Chinbat operates a juniper trading business with his wife. Juniper is an important part of spiritual cleansing in Buddhism. He has been operating his business since 1998 and has steadily expanded his business since that time. He has also built a good reputation among his customers. His business is very popular and his customer base includes both residents of his province as well as other provinces. Presently, he made a contract to supply juniper to a new monastery that recently opened in the Selenge province. He has been planning to build his own workplace on his own plot of land. Chinbat is a very energetic person and says, “I am working hard to build a bright future for my family.” He is requesting a 3,000,000-tugrug loan to purchase necessary equipment for 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.