Baasanhuu, age 46, operates a clothing and consumer goods trading business in his town. He started out by manufacturing winter hats to sell, and since 2000 his business has expanded to include variety of clothing and accessories including hats, scarves, and sunglasses. He sells these to his many customers at a rental counter at the local market. He has gained much experience over the years and has been planning to further expand his business. Baasanhuu is focused on the future and says, “My dream is one day to open my own trading center.”
He is requesting a 1,000,000 tugrug loan to purchase a large assortment of hats, scarves, and sunglasses for summer, spring and autumn in Ereen, a Chinese border town. He will resell these for a profit at market.
Baasanhuu lives with his mother in Zavhan province in a "ger," the traditional Mongolian nomadic tent dwelling. His mother operates a vegetable trading business on her own plot of land.
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.