Munhbat is 41 years old and lives with his wife and four children in a ger, Mongolian traditional nomadic housing tent in Zavhan province, Mongolia. His older two daughters and son attend local secondary school while the youngest one is in kindergarten. He manages a vegetable trading business with the help of his wife. He started his business in 1982. They plant their vegetable during spring period and sell them in fall. They own 50 hectare of land and a big storage too. They gained much experience and became well-known amongst their customers. Munhbat is a hardworking man who says, "I am borrowing loan many times from Xacbank. I will do my best to pay back the loan on time." He is requesting a 1,200,000 MNT of loan to purchase potatoes and some equipment 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.