Huatbek is 37 years old and lives with his children and wife in a ger, a Mongolian yurt, in Bayan-Ulgii province of Mongolia. His children are both high school students. His wife helps him to manage the family business.
He started his business few years ago by selling flour and rice at the local market. From 2010, he started to sell foods and other items. Currently, he is also managing another business, by selling fermented mare's milk. He has livestock in the countryside.
He is a diligent and optimistic man who says "I want to expand my business and increase my turnover." He is requesting a 2,000,000 MNT loan to purchase hay for his livestock. He planned to buy two truck loads of hay at the cost of 600,000 MNT and 20 bags of wheat at the cost of 1,000,000 MNT and finish the construction of a fence.
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.