Otgonbayar D. is 24 years old and lives with his wife and daughter in Kharkhorin province, Mongolia. He and his family live together in their own house. Otgonbayar operates a souvenir sales business in the Erdene Zuu monastery during the summer months when many tourists visit. In addition, he and his wife sell a variety of clothes at the local market. Otgonbayar started his clothing sales business in 2008 and has since built a stable operation. In the future, he hopes to establish his own souvenir store and is requesting a 1,000,000 MNT loan in order to buy more souvenir goods and supplies for his souvenir sales 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.