Baatarsuren, 30, lives with his wife and his newly born son in Ulaanbaatar, the capital of Mongolia. They live in a ger, which is a Mongolian nomadic housing tent, on the outskirts of the city. He is requesting a loan of 3,500,000 Mongolian tugrik (MNT) to buy more winter clothing to sell at his outdoor stall at the market.
Baatarsuren started his business trading clothing in the year 2000 at Narantuul, a big outdoor market, and has continued to operate his business successfully. While he says his family has a decent standard of living, he wants to expand his business further and increase his profit to better support his family.
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.