Batbold G. is a 41-year-old who lives with his wife and daughter in Uvurhangai province, in central Mongolia. He and his family live together in a 'ger', a traditional Mongolian nomadic tent. His daughter attends a local secondary school while his wife helps with the business.
Batbold operates a small cafeteria in his town. His cafeteria specializes in a variety of meals. Batbold started his business in 2007 by cooking meals at a small rented place in the center of his town. After years of successful operation, his earnings enabled him to build a house for his family.
Batbold is now thinking about expanding further and hopes to soon open his own small cafeteria. He is a modest, open-minded and productive person who is requesting a 3,000,000 MNT loan to purchase more supplies, food ingredients for 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.