Batulzii is 40 years old and lives with his wife and son in a house in Ulaanbaatar city. His son who is 17 years old attends secondary school. Batulzii manages a used furniture business with the help of his wife at Narantuul, one of the biggest markets in Mongolia. He started his business in 1997 and has been able to expand. He imports used furniture from Korea. Now his business sales exceed 800,000 MNT in a week. Last year he was able to buy a car with his business earnings. He is a hardworking man who says, "Now my business is operating successfully so I want to increase my working capital." He is requesting a 3,500,000 MNT loan to expand his inventory.
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.