Batjargal is 35 years old and lives with his wife and two sons in a 'ger', aMongolian traditional nomadic housing tent, in Hovd province, Mongolia. His sons, age 10 and 12, attend local secondary school. He manages meat sales and used clothing trading businesses with the help of his wife.
Batjargal himself is responsible for selling meat and meat products and his wife is responsible for selling used clothing. He started his meat trading business in 2003 and gained much experience. His business was quite successful which allowed him to start up the used clothing trading business in 2010. Even with one year of business operations, he has managed to stabilize his business and became well-known amongst his customers.
Now he earns a daily profit of 10,000-15,000 MNT from his meat sales business and a monthly profit of 300,000 MNT from his used clothing business. He is a polite man who says, "I am planning to continue my businesses in the future." He is requesting a 3,000,000 MNT loan to purchase more used clothes 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.