Davaasuren D. is 35 years old and lives with his wife and two daughters in Mongolia's Uvurhangai province. He and his family live in a ger, a traditional nomadic tent. His older daughter, who is six years old, attends a local primary school and his younger daughter is in kindergarten. Davaasuren makes a living selling spare parts for machines. He has been in this business for more than six years and has gained significant experience as well as built a stable company. He supplements his income by selling coal and firewood. He is applying for a loan for 2,000,000 MNT to buy more spare parts to sell.
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.