Bayanmunh is 31 years old and lives with his wife and daughter in a ger, a Mongolian yurt, in Bayanhongor province, Mongolia. His wife helps him with the business and his daughter is a school student. He started his shoe retail business in 2009 by renting a counter in a market. He has a good eye for fashion. He is a sharp and hard working man who says, "at first, It was difficult to run a business but now that I am experienced and successful on my current business, I want to broaden a range of products to sale". He is requesting 2,500,000 MNT to purchase more shoes and clothes from Beijing.
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.