Erdenebaatar is 41 years old and lives with his wife and three kids in a ger (Mongolian yurt) in Bayanhongor Province, Mongolia. His wife helps with his business, and his kids are school students. Erdenebaatar operates a flour and rice trading business. He started his business in 2004 by renting a container in a market. He also works in a gas station. Now that the business is stable enough, he arranged to rent another container, however the supply is not enough to run a business. He is a strong and diligent man who says, "Now that my children are growing, I have to do everything I can to be able to pay for their education." He is requesting 2,000,000 MNT to buy flour at wholesale prices.
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.