Nerguibaatar O. is a 26 year old single man who lives with his mother and one sibling in Arhangai province in central Mongolia. Nerguibaatar operates a motorcycle parts business in his town. He started his business in 2006 with 500,000 MNT of capital. After years of successful operation, he has managed to increase his working capital to a level exceeding 2,500,000 MNT today. Over the years he has gained much experience in his trade and has built a stable business. His business earnings have enabled him to renovate his house. He is a very honest and says: "I want to supply a high quality product to my customers." Nerguibaatar is requesting a 1,200,000 MNT loan to buy supplies for his motorcycle parts 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.