Batnasan is 26 years old and lives with his mother in his own ger in Uvurhangai province in Mongolia. He has been running a business repairing mobile phones since 2009. He manages his business well and makes the repairs from a well-known mobile phone market, which is the only one market in town. He already has regular customers and now he plans to extend his business by getting a new table, seats and other equipment for the counter. He is a diligent man who says that "I would like to extend my business activity when I am young before I get married. By getting this loan, the customers would be satisfied with the service and the income would rise." The total amount he is requesting is 450,000 MNT to buy phone equipment and other implements for his work place.
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.