Tumurbaatar M. is 54 years old and lives with his wife and four children in Hovd province in western Mongolia. He and his family live together in a ger, a traditional Mongolian nomadic housing tent. Tumurbaatar is the landlord of a coal market which he has been managing since 1998. With these many years of operation, he has gained a lot of business experience and built a successful operation. Tumurbaatar has 30 clients who rent space at his market. His wife operates a coal trading business at his market. His earnings have enabled him to build a house (which is under construction now) at his market. In the future, he plans to build a house for his family from his earnings.
Tumurbaatar is a very business-minded hardworking man. He is requesting a 1,500,000 tugrik loan to purchase more coal for his 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.