Munhbat S. is 35 years old and lives with his wife and four children in the Bayanhongor province of Mongolia. The family lives together in a ger, a traditional Mongolian nomadic tent. All four of his children attend the local secondary school.
Munhbat and his wife operate the family businesses. They own three kind of businesses such as taxi service, pc game service provider center and a dairy products production to support their family. Munhbat is a herder and raise his own herd of 250 livestock in his town. He first started his business in 2006 by producing and selling a variety of dairy products and since 2007, he has been operating a taxi service using his own car.
After years of successful operation on both businesses, he has expanded his business facility and started to manage a pc game center. Moreover, he also produces and sells ice cream in his home to supplement his family income. Munhbat is a very hardworking man and for the future, he says, "I plan to save more money in order to establish my own big dairy product production factory in the future." He is requesting a 3,500,000 MNT loan to repay his computer loan and decorate his work place.
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.