Gachbai M., 51, is married and the father of eight children. He and his family live together in an apartment in Hovd province, Mongolia. Six of his children attend local secondary and primary schools.
Gachbai operates a horseshoe manufacturing business. He went into business as an iron goods maker in 1991, and since that time has been operating his business successfully. Currently, he is able to make 20 horseshoes per day. In addition, he operates a taxi service and a vegetable planting business. Gachbai has his own plot of land in Buyant soum, where his wife plants vegetables. He and his wife sell the vegetables during the autumn. Gachbai has a cow as well, and sells milk to earn extra income. He is able to sell 20 liters of milk per day. He is a very hardworking person who has great communication skills. Gachbai is requesting a loan of 1,600,000 MNT to buy and plant more vegetables.
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.