Davaajamts P., 55, is married and the father of two children. He and his family live together in a ger (the traditional Mongolian nomadic tent) in Hovd province, Mongolia. His youngest son, Luvsansharav, is a university student.
With his wife's help, Davaajamts operates a cafe at a local market. He has been operating his business since 2001 and has gained significant experience and built a loyal customers over the past nine years. With his business profit, he has been providing for his family expenses.
Davaajamts has also been paying his son's university fees with the profits from his business. In addition, he was able to purchase a truck for his oldest son, who lives separately from his parents.
Davaajamts has been planning to expand his cafe in order to provide his services to more customers. He is an open person and has many plans for the future. He is requesting a 2,500,000 MNT loan to expand and repair his cafe.
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.