Batbileg is 27 years old and lives with his two daughters and wife in a ger, a Mongolian yurt, in Uvs province of Mongolia. His first daughter is a high school student. His wife is currently staying at home and taking care of their youngest daughter.
Batbileg started to repair cell phones and sell spare parts. Now he rents a commercial space at the local market and provides services. He is planning to expand his business and his rented space at the market by selling a diverse range of cell phone parts and services. Last month, he brought spare parts and phones from Erlian city, China. His monthly sale volumes are between 1,500,000 to 2,000,000 MNT. His monthly income is from 300,000 to 500,000 MNT and is spent for family consumption. His business is the only income source.
With the profits he earned, he purchased a piece of land and yurt in April 2011. He is a very open-minded and hardworking man who says "I want to expand my business in the near future." He is requesting a 3,500,000 MNT loan to purchase cell phones and spare parts for phones from China.
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.