Bazar Y. is 52 years old and lives with his wife in a ger, a traditional Mongolian nomadic tent, in Hovd province in Mongolia. Bazar sells firewood with the help of his wife at a local market in his town only during the winter months. In the summer they have a meat trading business to supplement their earnings.
Bazar started his business in 1998 and has since gained much experience in his trade. After many years of successful operation, their business has grown into a stable operation.
Bazar is a very optimistic and hardworking man. “In the future,” he says, "I would like to expand my business and buy my own car." He is requesting a 2,600,000 MNT loan to purchase more firewood 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.