Erdenebaatar M. is 40 years old and lives with his wife and two daughters in Ulaanbaatar, the capital city of Mongolia. He and his family have been living together in the same apartment where the children were raised for the past thirteen years. His wife used to work as a tailor and then she started to run her own sewing business. His two daughters both attend a local secondary school in Ulaanbaatar.
Since 1995, they have started several businesses, such as sewing, a bath house and a sauna. They used to operate their businesses in a rented basement of an apartment in Ulaanbaatar, but due to high rental prices they started running their businesses at their home.
Erdenebaatar recently expanded his businesses by hiring a new hairdresser. In the future he hopes to grow his business by adding a new laundry service. Besides his businesses, he works at Atmor company as a water equipment installer. Erdenebaatar works very hard and is a clever man.
He is requesting a 1,300,000 MNT loan to make a renovation at his bath house.
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.