Baterdene D. is 30 years old and lives with his parents and siblings in Ulaanbaatar, Mongolia’s capital city. He and his family live together in their own house. His parents are both retired and all his siblings work. Since 2005, he has been operating a taxi service using his own car. He used his previous loan to complete building his house where the family lives. He is planning to start a new, meat trading business and therefore he is requesting a 2,000,000 MNT loan to start this 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.