Batsuuri is 44 years old and lives with his wife and only son in a house in Ulaanbaatar, the capital city of Mongolia. His son, 10, goes to a local secondary school.
Batsuuri manages a used clothes trading business with the help of his wife. They started their business in 2000 by selling used shoes at a rented stall at Narantuul market, one of the biggest markets. Their business has stabilized and this has allowed him to open one more booth near to his home. Now his wife is responsible for selling used clothes while Batsuuri is responsible for selling used shoes. He is planning to continue his business in the future. He is a polite man who says, "We live in a very small house. So I am planning to make my house bigger." He is requesting a 3,000,000 MNT loan to purchase construction materials to repair his house.
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.