Bat-Erdene is 38 years old and lives with his wife and two daughters in an apartment in Uvurhangai province, Mongolia. His older daughter, Bolortuya, attends a local primary school and his younger hasn't yet reached school age.
Bat-Erdene operates a construction materials retailing business in his town together with his wife. He has been operating his business since 2004 and has steadily expanded his business over the past six years. Bat-Erdene operates his business out of a shipping container which he owns at a rented area at the local market. He purchases his products two to three times a month from Ulaanbaatar, the capital city of Mongolia.
Bat-Erdene has a good business mind and attributes his success to his good communication skills. He has many plans for the future and says, “My wife's and my dream is to one day to have our own real shop.” Bat-Erdene is requesting a 2,000,000 MNT loan to purchase a variety of construction materials to sell at 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.