Banzragch is 38 years old and lives with his wife and two kids in a ger, which is a Mongolian yurt in Bayanhongor, a province of Mongolia. His wife works with him. His older child goes to school and the younger one goes to kindergarten. He started his garment retailing business in 1995. Also, he has run an animal hides trading business since 2001. The livestock hides trading business is the most profitable so far. He needs to expand his shop by building an extension due to the size of the raw materials. He is a hardworking and diligent man who says: "I have a vision that someday I can build a two story building to make the first floor a supermarket and to live on the second floor". He is requesting 3,650,000 MNT to purchase more hides.
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.