Munhbat, 54, is married and lives with his wife and four children in Uvurhangai province of Mongolia. They live in a house on a small plot of land that they've owned for seven years. His older son and daughter have their own jobs and his two younger daughters attend college in Ulaanbaatar, the capital of Mongolia.
Munhbat began operating a retail trade in rawhides in 2004. He purchases animal rawhides from individuals and transports them by his own mini-truck. His wife sells meat at a rented stall at a local food market. There are a lot of competitors in this business and having a car is an advantage for their family-based business. They can go to the countryside and purchase meat, animal rawhides and livestock for cheaper prices from individuals and save money on transportation fees. Munhbat and his wife want to expand their meat trading business and increase their profit. Munhbat is a hardworking and active person who says, "I want to save some more money and help my son to build his own house in the future." He is requesting a loan of 2,500,000 tugriks to purchase more animal rawhides and meat 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.