Bathuu M., 36, lives with his wife and three children in the Suhbaatar province of Mongolia. The family live together in a ger, a traditional Mongolian nomadic tent and fence. Uuganbayar operates his own shoe repair business out of a rented workplace at the local trade center. He began his business in 1999 and has since gained a lot of experience as a shoe repairer. Bathuu is a hardworking and modest man and says, "I want to start saving enough funds before my children attend university and I plan to open a savings account for my oldest daughter." He is requesting a 450,000 MNT loan to buy more repair supplies and tools 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.