Buyan R. is 33 years old and lives with his wife and daughter in Mongolia's Bayanhongor province. He and his family live together in a ger, a traditional Mongolian nomadic tent. His daughter attends a local primary school. Buyan operates a clothes trading business out of two different containers in his town with the help of his wife. They began their business in 2006, selling a variety of clothing items in a rented container at the local market, with working capital of 1,500,000 MNT, and over the years they managed to establish a successful business in the local community. After years of stable operation, they have expanded their business, and their earnings have enabled them to purchase two containers which they sell their products from. Today their working capital exceeds 6,000,000 MNT. With their business earnings, they were able to not only expand their business but also greatly improve their quality of life. Also, with their business success, they have managed to buy a car for their family. For the future, they plan to build a house in their yard. Buyan is a talkative and open-minded man and is requesting a 1,500,000 MNT loan in order to purchase more clothing as well as consumer goods to sell from his two containers.
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.