Ochirbat P. is 57 years old and lives with his wife and son in Hovd province, western of Mongolia. He and his family live together in a ger, a traditional Mongolian nomadic tent. His wife is retired and his son is unemployed. Ochirbat makes locks and sells them at a local market. He and his wife began their business in 2003 and the couple works hard to provide for their family's quality of life. Ochirbat is requesting a 500,000 MNT loan in order to purchase more spare parts for their 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.