Batjargal L. is 32 years old and lives with his wife and three children in Ulaanbaatar, the capital city of Mongolia. He and her family live together in a ger, a traditional housing tent. His wife works as a bookkeeper in a company while his two oldest children both attend a local elementary school.
Batjargal operates a food retailing business out of a small shop. He recently started his business in 2010 and has built a stable operation. He is a modest and helpful man and says, "I want to enlarge my grocery store and to start operating a cafe next to my store."
He is requesting a 3,000,000 MNT loan both to increase the working capital for his store and to open new cafe for his future 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.