Bayar H. is 41 years old and lives with his wife and five children in Bayan-Ulgii province in western Mongolia. He and his family live in a 'ger', a traditional Mongolian nomadic tent. All of his five children attend a local high school.
Bayar operates a livestock trading business in his province with help of his wife. He purchases livestock from herders at wholesale prices and his wife sells their meat at the local market after slaughtering them. They have been engaged this business for the past four years and have built up a stable and successful operation over the years.
Today his working capital has exceeded 1,000,000 MNT. Bayar is a sensitive and well-informed decision-maker and says, " My dream is to one day have my own shop in the local market." He is requesting a 1,000,000 MNT loan to purchase more livestock and meat at wholesale price from the countryside.
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.