Byambabaatar, 49, is married and lives with his wife and four children in Uvs, Mongolia. They live in a ger, a Mongolian nomadic housing tent, on the outskirts of town. His two older children attend college while the younger two attend a local secondary school. He and his wife are both doctors who operate a pharmacy in addition to their regular jobs. Their business is very helpful for the ger-district residents who live far from downtown. Their current working capital is 1,500,000 MNT and their monthly gross income is 350,000 MNT. They want to expand their business and enlarge their pharmacy by increasing the amount of drugs they sell. Byambabaatar is requesting a loan of 3,000,000 MNT for this purpose. He is a sociable person who says: “I want to expand my business and enlarge my pharmacy and open a private hospital with a laboratory.”
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.