Baatarsuren B. is 21 years old and lives with his parents in Hovd province in central Mongolia. They live together in a ger, a traditional Mongolian nomadic housing tent. His mother is a teacher in the local school and his father operates a clothes trading business at the local market. Baatarsuren operates an Internet café in his town. He started his business in 2009 after building his own workplace next to the local market, a popular spot where he attracts many customers. He has established himself in the local business community and has a steady operation. For the future, he hopes to expand his business by selling a variety of cellphone parts. Baatarsuren is a talkative and open-minded person. He is requesting a 2,500,000 MNT loan to purchase cellphone parts 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.