Battsengel M., 33, lives with his wife and two children in an apartment in Ulaanbaatar, the capital city of Mongolia. His oldest daughter attends a local secondary school. His youngest, a 4-year-old old daughter, attends a local kindergarten.
Battsengel operates a clothing trading business at Narantuul, the biggest market in Mongolia. He has been operating his business since 2005 and has gained significant experience as a businessman. Over the past years he has steadily expanded his business and built a loyal customer base. Today his working capital is 3,500,000 MNT. His daily revenue is between 50,000 – 150,000 MNT. His profit is between 40 – 50 %.
Since he began his business, his family's standard of living has improved. With his last two year's earnings, he purchased a house for his family. Battsengel is an industrious person. The most important thing to him is being able to provide for his children's education. He says, “I have been planning to be financially able to provide higher educations for my two children after they graduate from high school.” He is requesting a 4,000,000 MNT loan to purchase the latest women's clothing including shirts and outerwear to resell to his many customers.
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.