Munhbat T., 37, lives with his wife and four children in Hovd province, Mongolia. He and his family all live together in a 'ger', a traditional Mongolian nomadic home tent. Munhbat and his wife operate a fruit trading business at two different local markets in their town. They has been engaged in this business since 1990, after moving from another town and they have built up a stable and successful operation.
After many years of owing this business, their earnings have enabled them to buy a house and fence. Munhbat is a modest and hardworking person. He says, “I am planning to build a house in my yard." Munhbat is requesting a 2,000,000 MNT loan to purchase a variety of fruits at wholesale price from Taikeshken, China's border city.
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.