Batbayar is 43 years old and lives with his wife and two children in a ger (a traditional Mongolian nomadic dwelling) in Hovd province, Mongolia. His wife helps with his business, his elder son is a college student, and his younger one is a school student. He started his meat retailing business in 2002 by renting a counter in a market. He has many regular customers who only buy his products. Now that winter is approaching, he needs to save some stock before prices get high. He is a sharp and hardworking person who said, "I need to do everything I can to pay my kid's college fee." He is requesting 550,000 MNT to buy livestock.
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.