Munhbat is 46 years old and lives with his two children and wife in a house in Hovd province of Mongolia. He remarried in 2010 after his first wife died. His two children are college students. Munhbat started to sell wood and coal at the local market in 2006. He has many regular clients after selling wood for several years. He sells wood and coal to the local public showers. He is planning to fix his home. With the profit from the business, he pays his children's tuition fees. He is a diligent man who is requesting a 2,000,000 MNT loan to buy more wood and coal.
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.