Ganbaatar is 49 years old and lives with his children and wife in a ger, a Mongolian yurt, in Tosontsengel Province in Mongolia. His children go to the local high school and kindergarden. He started his business in 2005 by planting vegetables. He sells vegetables and fruits in his hometown. He has many years of business and work experience. He admits that his business is expanding, and the amount of harvest is increasing as time goes by. His family members support him in managing the business. He is a hardworking and diligent man who says, "With bank loans, I am improving my business. I really want to expand my business in the future." He is requesting a 1,000,000-Mongolian-tugrik (MNT) loan to pay the storage rent for his vegetables.
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.