Bolasbai is 43 years old and lives with his wife and daughter in a house in the Bayan-Ulgii province of Mongolia. His daughter, age 13, attends a local secondary school. Bolasbai manages a grocery business with the help of his wife. He started his business in 2003 and has since worked hard to provide goods and services that could be of great value to innumerable customers. Through his diligent work, he has built a strong customer base and made his grocery shop well-known. He has also managed to pay his daughter's education expenses. Bolasbai is an honest man who attributes his success to his good accounting skills. He says, "I want to own a big trading center one day." He is requesting a 1,000,000 MNT loan to purchase more inventory in order to increase his business sales.
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.