Bayanmunh B. is 38 years old and lives with his wife and three children in the Songinohairhan district of Ulaanbaatar, the capital of Mongolia. His oldest, a son, is a monk and attends a buddhist monastery while his two younger daughters, aged 12 and 13, currently study at a secondary school.
All family members help Bayanmunh with his business. He makes wrestling costumes consisting of a tight shoulder vest (zodog) and shorts (shuudag) and sells his products at Narantuul market once a week. He can make two set of costumes per day. He is a very modest, honest and hardworking person and says: "It is nice to sell products I make myself to my customers."
Bayanmunh is requesting a 500,000 MNT loan to purchase materials such as fiber strings, leather and padding as well as to buy a new sewing machine which all will help him continue making traditional wrestling costumes.
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.