Batmunh is 51 years old and lives with his wife and five children in a ger (Mongolian yurt) in Uvs province of Mongolia. His older son is a herder and his second son works for a private company. His younger three children attend college and secondary school. He manages a rag making business in his town with the help of his wife. He makes a variety of rags with different styles and designs. His products are well-known amongst his customers for quality and durability. In addition he makes shoes for all ages.
Batmunh's family members all assist in his business operation. Therefore he is planning to expand his business in the future. He is a polite man who says, "We are committed to making quality products for our customers." He is requesting a 500,000 MNT loan to purchase a sewing machine and some materials 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.