Batbayar A. is 40 years old and lives with his wife and three children in Ulaanbaatar, the capital city of Mongolia. His elder son is a student while the youngest two children attend a district middle school. Batbayar operates a photographic and copying service in the city with the help of his wife. The two are also earn income from their rental service. His working capital exceeds 5 million MNT and currently his daily earnings are from 30,000 to 40,000 MNT. He is planning on expanding his business in the future by growing his working capital. He is working to afford his children's future education. Batbayar is a modest person and is requesting a 2,000,000 MNT loan in order to install additional heating in his home where the family is currently living and to increase his working capital.
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.