Sodnomdarjaa Z. is 41 years old, married, and has two children, both of whom attend school. They live in a rented apartment in Ulaanbaatar, capital city of Mongolia. He manages a grocery trading business with the help of his wife. He started his business in 2010. In addition, he operates taxi service business in order to supplement his family's income. Generally, his wife is responsible for the grocery trading business. Sodnomdarjaa is serious man who says, "I am planning to have my own house with the savings." He is requesting a loan for 2,750,000 MNT, which he will use to purchase a plot of land to build a 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.