Batamgalan has been making handmade shoes and his wife has been selling them in the market since 2006. He owns a counter in Mongolia's biggest market and his monthly income is approximately 2,100,000 tugriks (MNT). Now that winter is approaching, he needs additional raw materials to make warmer shoes. He is a young and diligent man who is requesting 2,200,000 MNT to buy materials for his business.
Batamgalan is 27 years old and lives with his wife and two kids in a ger (Mongolian nomadic tent) in Ulaanbaatar city of Mongolia. His elder son is a school student and the younger one goes to kindergarten.
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.