Murat B., 46 years old, is married and has three children. He and his family lives in the Bayan-Ulgii province of Mongolia. His two daughters attend a local high school. His wife and eldest son together help him with his work. Murat has been operating a meat trade business for about nine years. He started his business with a 300,000 MNT loan. During those years his business grew and now he owns a house with eight rooms. Murat said, "with my successful business, I made my own house and we living happily." He spent his own capital to buy about 60 livestock. He is requesting 2,000,000 MNT to pay for more meat, and also to increase his working capital.
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.