Erdenebaatar T. is 42 years old and lives with his wife and three children in the Hovd province of western Mongolia. He and his family live together in a ger, a traditional Mongolian nomadic tent. Erdenebaatar's three children attend a local middle school, while his wife milks some goats they raise and sells the milk at a local market. Erdenebaatar purchased a car with the sales of goat cashmere, and now he is providing transportation throughout his town. He is planning on selling a variety of goods and machinery spare parts out of a container which he bought. Erdenebaatar is requesting a 2,500,000 MNT loan to purchase parts for his current car and some spare parts to resell.
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.