Davaasambuu B., 51, lives with his wife and three children in the Uvs province of Mongolia. He and his family have lived together in a ger, a traditional Mongolian nomadic tent and fence, for past 25 years. His oldest daughter works as an accountant for the local hospital, his middle son serves in the Mongolian Military and his youngest son attends a local high school.
Davaasambuu and his wife operate a retail flour business in their town. They have been engaged this business for the past 20 years and have gained a lot of experience over the many years. They have been earning enough money to greatly improve their quality of life. With their earnings, they were able to buy a car and garage for their family and business. They purchase flour in bulk at cheap prices and resell the flour at retail price. His monthly profits exceed 150,000 - 200,000 MNT. Davaasambuu is a talkative and open-minded person and says, "I am very thankful to you." He is requesting a 2,500,000 MNT loan to purchase 65 bags of flours at wholesale price.
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.