Battsooj G. is 25 years old and lives with his wife in an apartment in the Dragon district of Ulaanbaatar, the capital city of Mongolia. His wife is a university student and Battsooj operates a gold and silver crafts business in the city. He has a lot of skill as a craftsman and designs and produces a variety of jewelry and accessories. He started his business after working as an assistant goldsmith in the Nomin Goyol company for 4 years.
For the future, Battsooj hopes to expand his business by hiring more workers and increasing his business earnings. He is a hardworking and clever man. He needs to purchase more raw materials in order to produce and preserve a large quantity of silver cups to sell during the upcoming big holidays. He is requesting a 2,500,000 MNT loan to purchase a large amount of raw materials and silver for his production.
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.